Saudi Arabia’s power and water project developer ACWA Power has decided to spin off its renewables business into a new unit, the company said yesterday.
The new company will be named ACWA Power RenewCo. It will be headed by Chris Ehlers, who is currently chief operating officer for the renewable energy business at ACWA Power.
ACWA Power RenewCo will act as a platform to capitalise on the rapidly growing market potential for renewable energy in emerging markets, the Saudi Arabia company said in a statement.
“We currently produce over 1 GW of renewable power in markets which have an energy gap,” said the newly appointed CEO Mr. Ehlers.
“The reputation we have established in renewable energy has enabled us to also secure a high quality and near term pipeline of opportunities using a diverse technology mix spanning solar PV and CSP to wind. Given our commitment to RE and the ambition of the region in which we are focused, I see enormous potential to increase our renewables portfolio,” he noted.
ACWA Power currently has a presence in 11 countries across the Middle East and North Africa, Turkey, Southern Africa and South East Asia regions. It renewable energy portfolio includes nine projects across four countries with a total production capacity in excess of 1 GW and a total investment cost of USD 4.8 billion (EUR 4.4 bn)
(USD 1 = EUR 0.916).
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