Saudi firm ACWA Power to increase renewables focus over next decade

Saudi Arabian utility developer ACWA Power has revealed plans to lift the share of renewable energy projects in its portfolio to 70% over the next decade.

At the World Energy Congress in Abu Dhabi, ACWA’s chief executive and President Paddy Padmanthan told Reuters that the company expects to see 70% of renewables in its portfolio, in terms of capital employed, by 2030.

“We expect to see, in any given year, 60% of new investments in renewables,” he added.

ACWA’s portfolio is currently valued at over US$42 billion, with 23% of that coming from renewable energy projects.

The firm is also planning to expand into new markets, although it will maintain its current portfolio balance of 50% in Saudi Arabia and 50% overseas.

ACWA has assets in 12 countries and has bid for renewable energy projects in five new emerging markets – Ethiopia, Tunisia, Cambodia, Azerbaijan and Uzbekistan.

“We are responding to demand, seeking growth and seeking a balance,” said Padmanthan before confirming the company’s plans for an IPO, with banks still working with ACWA.