Published: May 15, 2020
The Saudi Arabian power and water developer is helping drive the shift towards renewable energy in the Middle East and beyond.
2019 will go down as a pivotal year for ACWA Power. Over the course of the year, the Saudi utilities company developed and financed seven power projects totaling 2.66 GW.
It also entered into a number of water purchase agreements, with a total desalination capacity of 532 million imperial gallons a day (MIGD).
The financial side was just as telling the company raised around US$8.8bn of investment, of which US$6.2bn came in the form of long-term project finance debt. And it expanded its reach to 12 countries, including new solar projects in Ethiopia.
As Rajit Nanda, Chief Investment Officer of ACWA Power, tells EMEA Finance, the company isn’t resting on its laurels just yet.