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22 April 2024

Saudi's Acwa bidding for over Dh18bn power projects

Dewa earlier this month awarded a Dh1.2bn contact to a consortium led by Acwa Power. (File)

By Waheed Abbas

Saudi Arabia’s power generation firm Acwa Power, which recently won a solar power project in Dubai, is bidding for 3-4 projects worth more than $5 billion (Dh18.35bn), reflecting good growth in renewable energy sector in the region, said a senior official.

Mohammad A. Abunayyan, Chairman of Acwa Power, said the group is bidding for projects in Oman, Jordan and other regional countries.

“We are bidding for a couple of projects in Oman, Jordan and other countries. We are bidding for 3-4 solar and conventional power projects project worth more than $5 billion,” Abunayyan told Emirates 24l7 in a recent interview.

Dubai Electricity and Water Authority (Dewa) earlier this month awarded a Dh1.2bn contact to a consortium led by Acwa Power and Spain’s TSK to develop 200MW solar power plant in Mohammed bin Rashid Al Maktoum Solar Park.

Led by the Dubai and Abu Dhabi, Middle Eastern countries have been investing billions of dollars in cost-efficient renewable energy projects. Saeed Mohammed Al Tayer, Managing Director of Dubai Electricity and Water Authority (Dewa), recently said that the emirate has tripled its target to 15 per cent for the renewable energy by 2030 and seven per cent by 2020.

Acwa Power is currently producing 15,000 megawatts of electricity and 2.5m cubic meter desalinated water in different parts of the region.

Hoping to bag some more big contracts in coming years, Abunayyan expects group to expand its operations.

“We are going to increase power generation capacity to 20,000MW by the year 2020 through both solar and conventional power projects,” Acwa Power chief said, adding that the company is well-capitalised and cash rich.

The Saudi power major has projects operating or under construction in Saudi Arabia, Jordan, Oman, Turkey, Morocco and some African and southeast Asian countries.