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ACWA Power to Focus on Renewable Energy Projects – Mr Paddy Padmanthan

Power News - Published on Wed, 11 Sep 2019

Image Source: Reuters
Reuters quoted ACWA Power chief executive and president as saying that plans to focus more on renewable energy projects, lifting their share of its portfolio to 70% over the next decade. The current value of the Saudi Arabian utility developer's portfolio is more than USD 42 billion, with renewables accounting for 23%. Mr Paddy Padmanthan told Reuters in an interview at the World Energy Congress that "By 2030, we expect to see 70% of renewables in our portfolio in terms of capital employed. We expect to see, in any given year, 60% of new investments in renewables."

Acwa Power, which develops power and desalinated water plants, plans to expand into new markets, but will maintain its portfolio balance of 50% in Saudi Arabia and 50% overseas.

The company has assets in 12 countries and has bid for renewable energy projects in five new countries - Ethiopia, Tunisia, Cambodia, Azerbaijan and Uzbekistan.

Source :

Posted By : Rabi Wangkhem on Wed, 11 Sep 2019
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