Saudi Arabia's ACWA Power to form new company
CWA Power is set to launch a new company that will group its existing renewable energy portfolio
Saudi Arabia's ACWA Power is set to launch a new company that will group its existing renewable energy portfolio.
The new company that has been established – ACWA Power RenewCo - will be headed by Chris Ehlers, currently chief operating officer – renewables at ACWA Power.
Ehlers said: "We currently produce over 1 GW of renewable power in markets which have an energy gap.
“All the power we generate was procured through transparent competitive bidding and is supplied on long-term offtake contracts to entities supported by stable, sovereign backed power purchase agreements (PPAs), which offers significant risk mitigation and in turn has enabled us to deliver competitive tariffs providing stable, long-term revenues to ACWA Power RenewCo."