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Investors - JANUARY 14, 2020

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ACWA Power to spend $10b on infrastructure this year

by Kali Persall

ACWA Power, a utility developer in Saudi Arabia, is setting aside $10 billion for new infrastructure projects in 2020 in an effort to expand into new markets, according to Reuters. The company is looking at projects in some 10 countries.

ACWA Power currently operates assets in 12 countries and has bids for renewable projects in five new countries, which include Ethiopia, Tunisia, Cambodia, Azerbaijan and Uzbekistan, Paddy Padmanthan, chief executive of the company, told Reuters.

On Jan. 9, the company signed an implementation agreement with the Ministry of Energy of Azerbaijan to develop, build and operate a 240-megawatt wind power project. The project’s power-purchase agreement spans 20 years.

“As an established actor in the power and desalinated water sector, we’re well placed to take advantage of our strengths,” noted Padmanthan on the company’s website. “Being involved in groundbreaking projects in other countries means we can bring new

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