Acwa Power expects power portfolio to more than triple by 2030
Saudi Arabia’s Acwa Power expects its total portfolio of power projects to reach 150GW by 2030, more than triple the developer’s current 43GW of power assets
Saudi Arabia’s Acwa Power expects its total portfolio of power projects to reach 150GW by 2030, more than triple the developer’s current 43GW of power assets.
Speaking in an interview with S&P Global Platts, Acwa Power’s CEO said that renewables projects was expected to account for 85 per cent of the total 150GW portfolio by 2030. Acwa Power currently has a renewables portfolio of 13GW.
Much of Acwa Power’s expected capacity additions will be from Saudi Arabia’s ambitious renewables programme, which is targeting the development of 58.7GW of clean energy projects over the next decade.
"We want to maintain a balanced portfolio across the markets we operate in," Padmanathan told Platts. "We are very happy to have at least 50% in Saudi. Demand is there, the need is there and affordability is there. By 2030, I suspect Saudi renewables will be more than international simply because Saudi has a massive program."
Acwa Power has successfully been awarded projects by both the ministry of energy’s competitive tender programme and from direct negotiations with sovereign wealth vehicle Public Investment Fund (PIF), which has a 44 per cent stake in Acwa Power.
The ministry of energy’s Renewable Energy Project Development Office (Repdo) will oversee the award of 30 per cent of the planned 58.7GW renewables target, with the PIF set to oversee the development of the remaining 70 per cent.
Acwa Power recently issued its long-awaited IPO, raising $1.2bn. The IPO received great interest from the market and was 248 times oversubscribed, drawing orders of SR1.127trn ($300.4bn) from institutional investors.
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