ACWA Power: Saudi Arabia’s Cornerstone In Renewable Energy Sector

Business

January 26th, 11:46am

Riyadh - Mosaed al-Zayani

FILE PHOTO: Saudi ACWA Power-generating windmills are pictured in Jbel Sendouq, on the outskirts of Tangier, Morocco, June 29, 2018. REUTERS/Youssef Boudlal/File Photo

The Saudi ACWA Power has contributed to shaping the renewable energy sector around the world. The company has been a pioneer in supporting the sector through new standards in terms of cost, construction and the creation of innovative dimensions within the industry. “ACWA Power in itself represents a true Saudi success story. It is also a cornerstone and a living model for the thriving private sector in the Kingdom,” Saudi Minister of Investment Khaled Al-Falih said on Sunday. In 2002, Saudi Arabia amended its investment laws and allowed the private sector to own and operate service facilities such as water and power plants. ACWA Power was established in 2004, taking advantage of the new investment laws to create new job opportunities in the Saudi market. From 2004 to 2011, ACWA Power concentrated all its activities in Saudi Arabia, and won several contracts for water and electricity. The company launched its current goal for international expansion in 2011 with the acquisition of the Central Electricity Generating Company in Jordan (CEGCO), and the signing of joint development agreements to launch projects for the production of electricity using combined cycle gas technology in a number of countries in the region. Since then, the company has succeeded to expand in different countries of the world while maintaining its main activity within the Middle East region. ACWA Power is present in 13 countries in the Middle East, Africa, Central Asia and Southeast Asia and employs around 3,500 persons. Its portfolio of 62 assets has an investment value of USD 62.6 billion, with a production capacity of 38.9 gigawatts of electric power and 5.8 million cubic meters of desalinated water per day. The company seeks to provide electricity and desalinated water in a reliable and responsible manner to support social development and economic growth of nations, through long-term purchase contracts that operate on a partnership model between the government and the private sectors.

from Asharq AL-awsat https://english.aawsat.com/home/article/2766131/acwa-power-saudi-arabia%E2%80%99s-cornerstone-renewable-energy-sector