- ACWA Power to invest in power projects
- ACWA Power to invest $16 billion in electricity projects
- Open to investments in Africa
Saudi Arabia backed utility developer ACWA Power is looking to invest $16 billion in electricity projects worldwide in 2021. This comes as the company’s investment plans for 2020 were stalled due to restrictions of the COVID 19 pandemic.
”We did approximately $3.5 billion of projects during the course of 2020, taking them through to financial close, and during the course of 2021, we are targeting about $16 billion of projects under close, four of them have already closed actually, a couple of them closing in the next 30 days as we speak”, ACWA’s Chief Portfolio Management and Interim Chief Investment Officer, Rajit Nanda said.
Nanda further noted that ACWA Power’s main geographical focus is the Gulf Cooperation Council (GCC), with Saudi Arabia at its core; however, it is also looking at opportunities in Africa and markets in Central Asia and parts of Southeast Asia.