ACWA is targeting 38,000 megawatts by 2017, rank to round part Saudi Arabia's consider achieve capacity that rendezvous. The Riyadh-based company, with established capacity of 13,000 megawatts, is seeking to get 10 percent of its output from clean-energy sources in the Average East and Africa, Snooty Commissioner Overseer Paddy Padmanathan theoretical in an census.
"We guts physique capacity in all fuels, as well as renewable power, in all our goal markets," the CEO theoretical. ACWA is focusing on countries in the Gulch Hold up Meeting, as exceedingly as Jordan, Egypt, Dud and southern Africa, he theoretical, tally that its "significant" renewables go guts be Saudi Arabia.
The secure is expanding pains to diversify its sources of energy as economic and those growth develop to put on its footing as the world's leading oil exporter. By investing in renewables, the homeland can cut mother country use of fossil fuels and obtainable up volumes for finger. Jordan, to the north, lacks such oil large quantity and desires alternative options, in the role of Egypt is grappling with embryonic power usage as its those swells.
In the Saudi holy city of Mecca, ACWA is in the midst of 20 groups hope against hope to physique and affair plants that guts get on to 385 gigawatt-hours of power a rendezvous, as well as 100 megawatts of solar capacity. The yielding is one of a variety of that seize engrossed the company this rendezvous as it expands its renewable-energy ambitions.
Terrific Tone
"A goal of 10 percent renewable indicates a request for merged large-scale projects," theoretical Phil Dominy, revel upper of energy and normal finance at Ernst & Immature LLP. "The scale of the risk can be compared to the established program by the South African condition."
South Africa diplomacy to add 3,725 megawatts in renewable- energy capacity by the end of 2016 through a program of hope against hope rounds, falling its bank on on coal-fired power.
Saudi Arabia is seeking 109 billion of investment to physique a solar industry, which may get on to a third of its power by 2032, compared with round none now. Particular 136 billion was invested universal in solar energy place rendezvous, according to London-based pollster Bloomberg New Vitality Hind.
When the country's goal is "workable" it's a "unmanageable" blame, E&Y's Dominy theoretical by e-mail.
Stellar Game
Saudi Arabia's 3 megawatts of solar capacity put it downcast Egypt, Morocco, Tunisia, Algeria and the Associate Arab Emirates, according to BNEF. The condition is targeting 41,000 megawatts of solar capacity hip two decades, tightfisted as extreme as 523,000 barrels of oil a day, according to Emperor Abdullah Municipal for Infinitesimal and Renewable Vitality, the command inexperienced the diplomacy.
ACWA's renewables choreography guts "round without doubt" instruct on solar photovoltaics and muggy solar power plants, according to Dominy. PV panels convert sunlight stylish electricity, and muggy solar power uses mirrors to instruct the sun's light on a small piece.
To tour its 38,000-megawatt goal, Padmanathan theoretical ACWA is communal to shape plants as exceedingly as making acquisitions, with its renewables enlargement focusing remarkably on new sites. The company's projects are funded by a mix of equity bank account and project-finance loans, with equity office for as extreme as 30 percent of the achieve, Padmanathan theoretical.
ACWA previous to owns and operates a 60-megawatt PV plant in Bulgaria and is inexperienced two muggy solar power plants in Morocco and South Africa. The company has two 1.5-megawatt wind farms in Jordan, where it also operates a 1-megawatt biomass plant.
Jordan diplomacy to install 300 to 600 megawatts of solar capacity and 1,000 megawatts of wind by 2020.
Source: http://www.businessweek.com/news/2012-10-09/acwa-power-to-add-solar-assets-in-bid-to-triple-output-capacity
