News / 13 Jan 2020Acwa Power Plans $10 bn Worth of Investments
According to CEO, Paddy Padmanathan, the company has won 2 renewable energy projects in Ethiopia this year, which together will produce 250 MW and are worth about $500 million (SAR 1.8 billion).
“A few days ago, we signed a contract worth $300 million (SAR 1.1 billion) to produce 200 MW in Azerbaijan. We might have something in an East European country in the course of a month to 6 weeks,” the CEO added.
ACWA Power builds and operates power and desalinated water plants, and is well-known for its innovative plant configurations, high levels of fuel consumption efficiency and competitive tariffs. The company’s current portfolio consists of 57 assets across 11 countries, out of which the Saudi market represents around 40% of the total portfolio.
It’s worth mentioning that the Kingdom’s sovereign wealth fund, the Public Investment Fund (PIF), holds 25% stake in ACWA Power and is planning to increase its stake in the company this year.