Saudi Arabia’s ACWA to focus on renewable energy projects

23 Oct 2014

(MENAFN) ACWA Power, the Saudi Arabia-based power and water project developer, announced it is planning to secure financing for USD15 billion worth of projects, nearly half of which are in renewable energy, Arab News reported.

The company, which has projects operating or under construction in countries including Saudi Arabia, Jordan, Oman, Turkey, Morocco and some African and southeast Asian states, said that this network of countries are all starting to move towards renewable energy, including oil-rich GCC countries.

These countries include Morocco, which according to the company is clearly leading in terms of the projects it has planned or under construction, while other countries include South Africa which is planning a huge program of its own as well as Jordan, which is starting to employ renewable energy too.

These projects demonstrate a huge business opportunity, which is emerging in the Middle East and North Africa, of solar and wind power projects and ACWA said it is planning to use this opportunity by turning its focus more on these projects, with USD20 billion worth of projects already operating while USD4.5 billion are under construction by the company.

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