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ACWA Power
Company typePrivate company
Founded2004
Headquarters
Riyadh
,
Saudi Arabia
Key people
Chairman Mohammad Abdullah Abunayyan
Number of employees
2850
Websitehttp://acwapower.com/

ACWA Power is a company that provides electricity and desalination. Its energy portfolio includes solar (Photovoltaic PV) and Concentrated Solar Power (CSP)), geothermal, wind, waste-to-energy (WtE) and clean coal.[1][2]

Background

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Headquartered in Saudi Arabia, ACWA Power maintains regional offices in Dubai, Istanbul, Cairo, Rabat, Johannesburg, Hanoi and Beijing.[3][4] It invests in, develops, co-owns and operates a portfolio of 32 plants on three continents, with the capacity to generate 18GW of power and produce 2.5 million m3/day of desalinated water.[5][6] ACWA Power and its subsidiary operating companies employ 2,850 people in projects in 12 different countries. [3]

As of 2014, 8% of ACWA Power’s energy portfolio was in renewable energy. ACWA Power has expressed an intention to increase its investment in renewables[7]: of the new bids and projects still in the financing stage announced in 2014 US$7.4 billion of US$15 billion were in renewable energy.[2] ACWA Power’s tender for construction, at a tariff of 5.98 USD cents/kWh, was the cheapest world solar energy tender ever offered.[4][8][9]

Structure

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ACWA Power’s current ownership includes: eight Saudi private sector business houses, two Saudi government investment entities, namely Sanabil Direct Investments Company (a subsidiary of the Public Investment Fund) and the Saudi Public Pensions Agency, and the International Finance Corporation[10], a member of the World Bank Group.

ACWA Power’s board of directors is chaired by Mohammad Abdullah Abunayyan and Paddy Padmanathan serves as its CEO and President.[1]

History

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In 2002, the Government of the Kingdom of Saudi Arabia increased the role of the private sector in the Saudi economy by opening up the production of electricity and desalinated water to the private sector to own and operate.[11][12][13][14][15]

The company was founded in its current form in 2008 and succeeded ACWA Power Projects, a joint venture between ACWA Holding (representing the Abunayyan Holding Company and Al-Muhaidib) and the MADA Group for Industrial and Commercial Development founded in 2004 to take advantage of these new private sector investment and operation opportunities in the Saudi Arabian market.[6]

From 2004-2011, ACWA focused primarily on Saudi Arabia, and was awarded contracts for the Shuqaiq and Marafiq Integrated water and power plants.[16][17][18][19] . The company began its current phase of international expansion in 2011 with the acquisition of Central Electricity Generating Company (CEGCO) Jordan[20][21][22] and the signature of a joint development agreement for the Kirikkale Combined Cycle Gas Turbine project in Turkey, which subsequently won backing from the European Bank for Reconstruction and Development (EBRD).[23] The company has since expanded throughout the world, although its core holdings remain the MENA region.

Notable Projects and Contracts

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Noor II, II, III, Ouarzazate, Morocco

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  • In 2012, a consortium led by ACWA won a €634m euro contract to build a solar power plant near Ouarzazate, Morocco - called Noor I.[24][25][26]
  • In October 2013, a consortium led by Spain's Abengoa, Engie Energy International (formerly International Power) and ACWA had been pre-selected for the 200MW Noor II construction tender. The three groups were also pre-qualified for the 100MW Noor III tender.[27]
  • In 2015, ACWA were awarded a €1.7 billion contract for two further solar power projects, Noor II and Noor III, in Morocco.[28][29][30]
  • Noor I was inaugurated in February 2016 and will generate 160 MW of electricity. The second two phases currently under construction will generate a further 580 MW.[31][32][33]

Nam Dinh, Vietnam

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  • In June 2014 a consortium including ACWA Power and Korea's Taekwang Power Holdings Company Limited signed an agreement to develop the Nam Dinh 1 IPP Project in Vietnam.[34][35]
  • In January 2016, the consortium signed a $2.2 billion investment agreement with Vietnam for the Nam Dinh 1 thermal power plant. The $2 billion coal fired power plant will generate 1,200MW upon completion.[36]

Hassyan, UAE

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  • In September 2014 ACWA was shortlisted to build the Hassyan 1,200MW clean coal power plant as part of a $20 billion investment by the UAE Government that aims to help to diversify Dubai's energy mix by 2030.[37][38]


Chosen in November 2014, as part of a consortium including China’s Harbin Electric to build and operate the US$1.8 billion, 1,200 MW Hassyan clean coal power project in Dubai . Two additional phases, to be constructed by 2020 and 2021 will bring the plant’s capacity to 3,600 MW.

Sheikh Mohammed bin Rashid al-Maktoum Solar Park, Dubai

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  • In January 2015 a consortium of ACWA Power and Spain's TSK were selected by Dubai Electricity and Water Authority (DEWA) as the preferred bidder to build a solar power plant in the emirate.[44]



Awards

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ACWA Power won the following awards in 2014:

  • The Acquisition International Fund awards: Energy Investment Firm of the Year – Saudi Arabia[45]
  • MEED quality awards: Angus Hindley Award for Project Excellence[46]

References

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  1. ^ a b "Company Overview of ACWA Power International". Bloomberg L.P. Retrieved 3 March 2016.
  2. ^ a b Shamseddine, Reem (22 October 2014). "Saudi Arabia's ACWA Power shifts toward renewable energy". Reuters. Retrieved 3 March 2016.
  3. ^ a b "ACWA Power Business Report 2014" (PDF). ACWA Power. ACWA Power. p. 38. Retrieved 3 March 2016.
  4. ^ a b Moritz, Borgmann. "Dubai's DEWA procures the world's cheapest solar energy ever: Riyadh, start your photocopiers". Apricum GmbH. Retrieved 3 March 2016.
  5. ^ "About ACWA Power". ACWA Power. ACWA Power. Retrieved 3 March 2016.
  6. ^ a b "ACWA Power: Born Saudi, growing globally". The European. 8 January 2015. Retrieved 3 March 2016.
  7. ^ Waheed, Abbas (1 February 2015). "Saudi's ACWA bidding for over Dh18bn power projects". "Emirates24/7". Retrieved 3 March 2016.
  8. ^ "DEWA selects Saudi ACWA and Spain's TSK for the project with the world's lowest LCOE". DEWA: Government of Dubai. DEWA. Retrieved 15 March 2016.
  9. ^ Mridul, Chadha. "ACWA Power Secures $344 Million Loan For Solar PV Project With World's The Lowest Tariff". CleanTechnica. CleanTechnica. Retrieved 3 March 2016.
  10. ^ "ACWA Equity - Summary of Investment Information". International Finance Corporation. International Finance Corporation. Retrieved 3 March 2016.
  11. ^ McDowall, Angus (25 January 2002). "A thirst for change". MEED. EMAP Publishing Limited. Retrieved 15 March 2016.
  12. ^ "SWCC refines its options". MEED. EMAP Publishing Limited. 8 March 2002. Retrieved 15 March 2016.
  13. ^ "Gradual and continuous change". MEED. EMAP Publishing Limited. 22 March 2002. Retrieved 15 March 2016.
  14. ^ "Desalination plants to be privatized". Saudi Gazette. 12 June 2002. {{cite news}}: |access-date= requires |url= (help)
  15. ^ "SEC endorses privatization strategy". Arab News. Jeddah. 17 June 2002. {{cite news}}: |access-date= requires |url= (help)
  16. ^ "A consortium of ACWA Power Projects, Gulf Investment Corporation and Mitsubishi Corporation selected preferred bidder for Shuqaiq power and water project". Al Bawaba. Al Bawaba (Middle East) Ltd. 11 November 2006. Retrieved 17 March 2016.
  17. ^ Haitham, Haddadin (11 November 2006). "Mitsubishi, GIC and ACWA selected for Saudi project". Reuters UK. Thomson Reuters. Retrieved 17 March 2016.
  18. ^ Report, Staff (1 March 2007). "Consortium signs deals for Saudi power plant". Gulf News. Al Nisr Publishing LLC 2016. Retrieved 17 March 2016.
  19. ^ "Key Shuqaiq agreements signed". MEED. EMAP Publishing Limited. 2 March 2007. Retrieved 17 March 2016.
  20. ^ Sambidge, Andy (4 June 2011). "Saudi firm buys stake in Jordan's largest power generator". Arabian Business. Arabian Business Publishing Ltd. Retrieved 17 March 2016.
  21. ^ Davids, Gavin (5 June 2011). "ACWA Power acquires $144m stake in Jordan's CEGCO". ConstructionWeekOnline.com. ITP Business Publishing Ltd. Retrieved 17 March 2016.
  22. ^ "Saudi's Acwa buys key stake in Jordan firm". Trade Arabia. 22 August 2011. Retrieved 17 March 2016.
  23. ^ Rosca, Olga. "ACWA Power's US$ 1 billion power plant in Turkey wins EBRD support". The European Bank for Reconstruction and Development (EBRD). The European Bank for Reconstruction and Development (EBRD). Retrieved 17 March 2016.
  24. ^ Lane, Adam (14 May 2013). "Morocco starts construction of Noor 1 solar plant". www.utilities-me.com. ITP Business Publishing Ltd. Retrieved 1 May 2016.
  25. ^ "Morocco starts production at 160 MW solar plant". Reuters. Thomson Reuters. 4 February 2016. Retrieved 1 May 2016.
  26. ^ Aziz, El Yaakoubi (1 August 2013). "Morocco to tender for 2 solar plants totalling 300 MW". Reuters. Thomson Reuters. Retrieved 1 May 2016.
  27. ^ El Yaakoubi, Aziz (30 October 2013). "Morocco gets 654 mln euro German loan for solar plants". Reuters. Thomson Reuters. Retrieved 1 May 2016.
  28. ^ Graves, LeAnne (13 January 2015). "Acwa wins €1.7bn Moroccan solar power deals". The National. Retrieved 1 May 2016.
  29. ^ Roca, Marc (12 January 2015). "Morocco Awards Largest Solar Thermal Power Plants to ACWA, Sener". Bloomberg.com. Bloomberg. Retrieved 1 May 2016.
  30. ^ "Saudi's ACWA Power wins $2bn Morocco solar power deal". Arabian Business. Arabian Business Publishing Ltd. 10 January 2015. Retrieved 1 May 2016.
  31. ^ {{cite news}}: Empty citation (help)
  32. ^ "Morocco launches first solar power plant". Al Arabiya. Al Arabiya. 5 February 2016. Retrieved 1 May 2016.
  33. ^ "Ceremony in Morocco marks progress on 500MW solar park". The National. The National. 4 February 2016. Retrieved 1 May 2016.
  34. ^ Sambridge, Andy (21 June 2014). "Saudi firm inks deal on $2bn Vietnam power project". Arabian Business. Arabian Business. Retrieved 1 May 2016.
  35. ^ "Saudi Arabia's ACWA Power shifts toward renewable energy". Reuters. Reuters. 22 October 2014. Retrieved 1 May 2016.
  36. ^ Nguyen, Mai (19 January 2016). "Vietnam inks $2.2 bln power project with Saudi, Korean firms". Reuters. Thomson Reuters. Retrieved 2 May 2016.
  37. ^ El Gamal, Rania; Dokoupil, Martin (8 September 2014). "Dubai Shortlists 8 Firms For Clean Coal Plant". Reuters. Thomson Reuters. Retrieved 2 May 2016.
  38. ^ "Dubai shortlists 8 firms for clean coal plant". Al Arabiya. Al Arabiya. 7 September 2014. Retrieved 2 May 2016.
  39. ^ Basit, Abdul (14 October 2015). "Harbin, Acwa to build $1.8b plant in Dubai". www.khaleejtimes.com. Khaleej Times. Retrieved 2 May 2016.
  40. ^ Dipaola, Anthony (13 October 2015). "Dubai Awards ACWA $1.8 Billion Power-Plant Deal on Rising Demand". Bloomberg. Bloomberg. Retrieved 2 May 2016.
  41. ^ Saadi, Dania (12 October 2015). "Dewa planning Dh60bn of projects over five years to meet Dubai's power and water needs". The National. The National. Retrieved 2 May 2016.
  42. ^ Arnold, Tom (13 October 2015). "Dubai names Harbin, ACWA preferred bidders for clean coal plant". Reuters. Thomson Reuters. Retrieved 2 May 2016.
  43. ^ Staples, Andy (13 October 2015). "Dubai announces winning bidders for clean coal plant". GulfNews. Gulf News. Retrieved 2 May 2016.
  44. ^ Narayanan, Archana; French, David (15 January 2015). "Dubai utility DEWA names preferred bidder for upsized solar plant". Reuters. Thomson Reuters. Retrieved 2 May 2016.
  45. ^ Milnes, Paul (2 May 2014). "2014 Aquisition International Fund Awards". Hedge Think. Hedge Think. Retrieved 3 March 2016.
  46. ^ "UAE projects win big at MEED quality awards". Trade Arabia. Trade Arabia. 15 May 2014. Retrieved 3 March 2016.
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