Riyadh-ACWA Power said that the total investment cost of the portfolio in renewable energy projects, which include 13 projects in five different countries around the world, is worth SR18.329 billion ($4.8 billion).
ACWA Power presented its projects within its participation in the Saudi Arabia Renewable Energy Investment 2017, which is organized by Ministry of Energy, Industry and Mineral Resources under the patronage of Minister Eng. Khalid Bin Abdulaziz al-Falih and whose activities started in Riyadh on Monday.
Chairman of ACWA Power Mohammed Abunayyan said: “We are proud to participate in this important forum, which confirms Saudi Arabia’s willingness to move forward in implementing its ambitious program for investment in renewable energy, considering it one of the Kingdom’s strategic targets for Saudi Vision 2030.”
He said that renewable energy sources are becoming a key component of energy diversification plans and programs in the country.
Abunayyan confirmed the company’s readiness to play a major role in implementing the National Program for Renewable Energy, which was launched by the Ministry of Energy, Industry and Mineral Resources to achieve the goals of the National Transformation Program through producing 9.5 GW of renewable energy by 2023.
Abunayyan noted that ACWA Power seeks to employ its capabilities to become a cornerstone in the implementation of “Saudi Vision,” by focusing on the production chain and the local content of human cadres and bringing the latest technology to meet the needs of the Kingdom and export them abroad.
President and CEO of ACWA Power Paddy Padmanathan participated in a panel discussion titled “Energizing the Value Chain: Building a new renewable industry in the Kingdom to deliver renewable energy, jobs, and expertise.”
Senior Executives for a number of institutions and companies working in the renewable energy sector both inside and outside the Kingdom participated in the panel of discussions.