Saudi Arabian utility developer ACWA Power is planning to invest about $10 billion in 2020 as it eyes new projects in some 10 countries, the company’s chief executive said on Saturday.
The company, which builds power and desalinated water plants and has 50 percent of its portfolio in Saudi Arabia, plans to expand into new markets, Paddy Padmanthan told Reuters on the sidelines of an energy event in Abu Dhabi.
ACWA Power has assets in 12 countries and has bid for renewable energy projects in five new countries - Ethiopia, Tunisia, Cambodia, Azerbaijan and Uzbekistan.
“We have won two renewable energy projects (in Ethiopia) this year which together will produce 300 mega watts, they will run in parallel and be worth about $500 million of investments,” he said.
“A few days ago we signed a contract worth $300 million dollars to produce 200 mega watts in Azerbaijan. We are looking at another east European country, we might have something there in the course of a month to six weeks,” he added.
Padmanthan said ACWA was also developing several new renewable energy projects in Indonesia, which he expects to be worth around $500 million, and aimed to expand its portfolio to Jordan and Morocco, as well as boost its operations in Saudi Arabia and the United Arab Emirates.
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), holds a 25 percent stake in ACWA and is planning to increase that to 40 percent.