With its global aggressive push in the renewable energy sector, Saudi Arabia-based company ACWA Power has launched a separate company to take control of its clean energy assets.
ACWA Power RenewCo will absorb around 1 gigawatt (GW) of operational renewable energy assets. The company stated that all these projects have been secured through a competitive bidding process and are tied up in long-term power purchase agreements.
ACWA Power has been one of the pioneers in pushing the limits of competition in the solar power sector. An important jewel in its portfolio is the 200 megawatt (MW) solar power project in Dubai. The company had secured it at record tariff of 5.84¢/kWh following fierce competition.
Recently, it secured rights to develop a 170 MW solar PV project in Morocco as part of the Noor-Ouarzazte solar power park. This capacity includes 70 MW project in the Ouarzazte solar power park, 80 MW project in Western Sahara’s Laayoune and 20 MW at Boujdour.
ACWA Power also operates a 50 MW concentrated solar power project in South Africa. The company is operating under the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP). The Bokpoort project has more than 9 hours of storage and can operate during the night as well.
AWCA Power, in partnership with Masdar Group, has also announced plans to set up 1.5 GW of solar power and 500 MW of wind energy capacity in Egypt. The company also announced plans to set up a 340 MW wind energy project in Turkey.