ACWA Power sets up re­new­able en­ergy unit

Kuwait Times - - BUSINESS -

KHOBAR:

Saudi-based power and wa­ter project de­vel­oper ACWA Power has set up a new busi­ness that will house its ex­ist­ing re­new­able en­ergy port­fo­lio and drive the firm’s ex­pan­sion in emerg­ing mar­ket re­new­ables, the com­pany said yes­ter­day. Chris Eh­lers, cur­rently chief op­er­at­ing of­fi­cer of re­new­ables at ACWA Power, has been ap­pointed chief ex­ec­u­tive of­fi­cer of the new firm, ACWA Power Re­newCo. ACWA did not say where the new com­pany would be based. The in­creas­ing in­ter­est in re­new­ables from Mid­dle East­ern and African gov­ern­ments, which make up the ma­jor­ity of the 13 coun­tries in which ACWA op­er­ates, means that around half of all ACWA’s busi­ness is now in “clean” en­ergy. In June, ACWA’s CEO Paddy Pad­manathan said he was “very op­ti­mistic” about Saudi Ara­bia’s plans for gen­er­at­ing 9,500 megawatts (MW) of re­new­able en­ergy un­der its Vi­sion 2030 eco­nomic plan, while he was also “very ex­cited” by Dubai’s an­nounce­ment for 1,000 MW of Con­cen­trated So­lar Power (CSP) ca­pac­ity.

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