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Sun 12 Jan 2020 10:39 AM

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Saudi Arabia's ACWA power plans $10bn of investments

Saudi Arabia's Public Investment Fund plans to boost its stake in ACWA to 40% from 25%

Saudi Arabia's ACWA power plans $10bn of investments

Paddy Padmanathan, CEO of ACWA Power. Image: ITP Media Group

Saudi Arabia’s utility developer ACWA Power plans to invest about $10 billion this year as it seeks out new projects in 10 countries, Reuters reported, citing chief executive officer Paddy Padmanthan.

The company operates in a dozen countries and is now bidding for projects in new markets including Ethiopia, Tunisia, Cambodia, Azerbaijan and Uzbekistan, Reuters reported, citing Padmanthan at an energy event in Abu Dhabi.

Saudi Arabia’s Public Investment Fund plans to boost its stake in ACWA to 40% from 25%, it added.

Last week, the Renewable Energy Project Development Office of Saudi Arabia’s Ministry of Energy issued the request for qualifications (RFQ) for round three of its plan to build up solar power capacity in the kingdom.

The third round of the National Renewable Energy Program (NREP) is comprised of four solar PV projects with a combined generation capacity of 1,200MW.

Round three projects will be divided into two categories - Category A which target smaller companies, includes Layla 80MW solar PV and Wadi Al Dawaser 120MW solar PV projects, while Category B includes Saad 300MW solar PV and Ar Rass 700MW solar PV projects.

The RFQ window for the round three projects closes on February 6, when deadline for statement of qualifications (SOQ) submissions occurs.

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