ACWA Power to invest $10 bln in 2020, says CEO

12/01/2020 Argaam

 

Saudi-based utilities provider, ACWA Power, is planning to invest approximately $10 billion (SAR 37.5 billion) in 2020 as it eyes new projects in around 10 countries.

 

The company plans to expand into new markets, CEO Paddy Padmanathan told Reuters on the sidelines of an energy event in Abu Dhabi.

 

“We have won 2 renewable energy projects (in Ethiopia) this year which together will produce 300 megawatts (MW), and are worth about $500 million (SAR 1.8 billion),” he said.

 

“A few days ago we signed a contract worth $300 million (SAR 1.1 billion) to produce 200MW in Azerbaijan. We might have something in an East European country in the course of a month to 6 weeks,” the CEO added.

 

Padmanthan said ACWA Power is also developing several new renewable energy projects in Indonesia worth around $500 million (SAR 1.8 billion), and aiming to expand its portfolio in Jordan and Morocco.

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