The Saudi sovereign wealth fund plans to boost its stake in ACWA Power to 40 per cent from 25 per cent/Bloombergby Kudakwashe Muzoriwa
The Chief Executive Officer of Saudi Arabia’s ACWA Power plans to invest around $10 billion this year as it seeks out new projects in 10 countries, reported Reuters.
Paddy Padmanthan, the Chief Executive Officer of ACWA Power, said that the Saudi utility developer operates in a dozen countries and is now bidding for projects in new markets including Ethiopia, Tunisia as well as Cambodia, Azerbaijan and Uzbekistan.
The Kingdom’s Public Investment Fund plans to boost its stake to 40 per cent from 25 per cent, said Padmanthan.
The PPA with Azerbaijan is expected to bolster energy diversification efforts by leveraging the country’s renewable energy resources and strengthen energy security.