ACWA Power International ( ACWA Power ) has been awarded the 2013 “Project of The Year” prize for its Noor1 Concentrated Solar Power project.
ACWA Power International ( ACWA Power ) has been awarded the 2013 "Project of The Year" prize for its Noor1 Concentrated Solar Power project and "Utility Company of The Year" by the Middle East Solar Industry Association Awards (MESIA) at an awards dinner ceremony in Abu Dhabi. The prestigious event was attended by the international solar industry community. Since its establishment in 2004, ACWA Power has made its indelible mark on the competitive landscape of the Power and Water industry in the MENA region, reaping awards from some of the most prestigious publications and industry associations.
Earlier this year BOKPOORT (CSP) (IPP) was recognized as the 2013 Solar Deal of the Year by World Finance Magazine; a leading financial magazine. World Finance stated "Throughout the three month appraisal, World Finance cited BOKPOORT’s scale, scope and complexity in reaching 21,000 homes as South Africa’s first renewable technology at commercial scale to provide for the country’s daily peak demand; and for having the largest thermal storage ever adopted for a solar plant".
Over the last nine years, ACWA Power has received numerous distinguished awards for its projects, initiatives, growth, CSR programs, and project financing models from a range of recognizing bodies & publications including SAGIA, Project Finance International, Global Water Intelligence, Euromoney, Thomson Reuters and World Finance.
Paddy Padmanathan, President & CEO of ACWA Power said that "We are very proud to receive these prestigious awards from MESIA. These awards recognize our team of multidisciplinary professionals who have completed a large number of similar transactions. The awards also recognize our ability to consistently select the optimal technical solution, partner with the most efficient engineering, procurement and construction (EPC) service providers and implement an effective operation and maintenance strategy to deliver the lowest possible tariff".
Padmanathan continued "Noor 1 CSP IPP is a milestone project where ACWA Power has again proved our model to be successful by demonstrating the cost at which solar power can be produced, which is significantly lower than what has been achieved to date. Noor 1CSP IPP brought us closer to achieving our goal of reaching a total power production capacity target of 38,000 MW by the end of 2018 of which, maximum 10% will be from renewable sources".
Rajit NANDA, Chief Investment Officer of ACWA Power said "There is no greater honor than being recognized by one’s own peers, a humbling while at the same time highly motivating experience for our teams, given that we are being judged against well-established international competitors who are extremely active not just within the MENA region but who operate right across the world."
ACWA Power is a developer, investor, co-owner and operator of a portfolio of plants with a capacity to generate 15,731 MW of power and produce 2.4 million m3/day of desalinated water. The portfolio has an investment value in excess of USD 23 billion and provides employment to more than 2,300 people in 8 countries.
The company was founded in 2004 as an operator of power generation and desalinated water producing plants in which it has a meaningful economic interest and exercises management control. ACWA Power was born out of the policy decision by the Kingdom of Saudi Arabia to increase private sector involvement in the power generation and desalinated water production sectors to include ownership and operation of assets.
The company was incorporated in the Kingdom of Saudi Arabia with a paid-up capital of approx. USD 1.5 Billion. It is owned by eight Saudi conglomerates along with Sanabil Direct Investment Company (owned by the Public Investment Fund) and the Saudi Public Pensions Agency.
From its head office in Saudi Arabia, ACWA Power has already expanded into the GCC, Jordan and Egypt and further afield to Turkey, Morocco, and the southern cone of Africa. It has:
· Regional offices in Dubai, Istanbul, Rabat, Johannesburg, Maputo and Beijing
· A customer base that includes state utilities and industrial majors located on three continents
· Employees representing 30 nationalities working in 10 countries
· More than 20 plants spread over 8 countries.
The current portfolio of assets and investments delivers:
· Over 6,050 MW of power and approximately 2.3 million m³/day of desalinated water in Saudi Arabia which represents 12% of the installed power generation capacity of the Kingdom and 45% of the desalinated water producing capacity of the Kingdom
· 1,550 MW of power in Jordan which represents over 55% of the electricity generation capacity of Jordan
· 427 MW of power and 91,000 m³/day of desalinated water in Oman, representing 6% of the installed electricity generation capacity and 16% of desalinated water capacity of Oman
· 60MWp using photovoltaic technology in its solar plant in Karadzhalovo, Bulgaria (which is the single largest renewable energy plant in that country).
The portfolio also includes the world’s largest two sea going barge mounted, self-contained water desalination plants each capable of producing 25,000 m³/day of water.
New capacity of 5,900 MW of power generation, 55,000 m3/day of desalinated water and 2,270 tons per hour of steam capacity is under construction in Saudi Arabia. A 50 MWe Concentrated Solar Power (CSP) plant at Bokpoort in South Africa, a 160 MWe CSP plant at Ouarzazate in Morocco and a 45,000 m³/day of water desalination project in Oman are also under construction. In an advanced stage of development are an 850 MW gas fired plant in Turkey and a 300 MW coal fired power plant in Mozambique.
ACWA Power lives by its mission statement – to be the lowest cost producer of electricity and water in a sustainable fashion and operates the business according to its values which are: Diversity, Rigor, Ingenuity, Fairness and Integrity.