Saudi Arabia’s ACWA Power eyes expansion across MENA for 2020
The firm is reportedly planning to expand into 10 new markets with renewable energy projects through a $10bn investment
Saudi Arabia-based developer and operator of power generation and water desalination projects ACWA Power has reportedly revealed that it is aiming to expand into 10 new markets across the world in 2020 as part of a $10bn investment.
According to Thomson Reuters, ACWA Power CEO, Paddy Padmanthan, reportedly said the firm has bid for renewable energy projects in five countries including Ethiopia, Tunisia, Cambodia, Azerbaijan, and Uzbekistan.
The CEO added that the firm was also developing renewable energy projects in Indonesia for around $500m, and aimed to expand its portfolio in Jordan and Morocco, as well as expanding its operations in Saudi Arabia and the UAE.
Half of ACWA Power’s portfolio is based in Saudi Arabia, with the countries sovereign wealth fund, Public Investment Fund (PIF) owning 25% of the firm.