Saudi ACWA power Eyes Investments of $10 billion in 2020

Saudi ACWA power Eyes Investments of $10 billion in 2020

 Saudi Arabian utility developer ACWA Power isplanning to invest about $10 billion in 2020 as it eyes new projects in some 10countries, the company's chief executive said on Saturday.

The company, whichbuilds power and desalinated water plants and has 50% of its portfolio in SaudiArabia, plans to expand into new markets, Paddy Padmanthan told Reuters on thesidelines of an energy event in Abu Dhabi.

ACWA Power hasassets in 12 countries and has bid for renewable energy projects in five newcountries – Ethiopia, Tunisia, Cambodia, Azerbaijan and Uzbekistan.

Saudi Arabia'ssovereign wealth fund, the Public Investment Fund (PIF), holds a 25% stake inACWA and is planning to increase that to 40%.

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