ACWA Power sets up renewable energy unit
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.