ACWA Power to expand in 25 countries by 2025: CEO

20/01/2019 Argaam

 

ACWA Power plans to expand into 25 countries by 2025 and aims to double its water desalination and power generation capacity in the next five years with investments estimated at $35 billion, its president and CEO said in a statement.

 

“For the first time, we have the capacity to use the power of the sun and wind at no fuel cost and price oscillation. Therefore, we are able to generate electricity and fix prices for the next 25 to 35 years by spending money upfront and collecting it back overtime,” Paddy Padmanathan said at the World Future Energy Summit (WFES), held Jan. 14-17, 2019, in Abu Dhabi.

 

“Renewable energy remains the most competitive form of power generation in the GCC due to lower costs, economic diversification to supply demand, and the region’s commitment to diversify energy sources,” he added, highlighting the paradigm shift that renewable energy is capable of delivering.

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