Saudi ACWA power Eyes Investments of $10 billion in 2020

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

The company, which builds power and desalinated water plants and has 50% of its portfolio in Saudi Arabia, plans to expand into new markets, Paddy Padmanthan told Reuters on the sidelines of an energy event in Abu Dhabi.

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

Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), holds a 25% stake in ACWA and is planning to increase that to 40%.