According to reporting by Reuters, Saudi Arabia-based ACWA Power will look to boost its renewable energy portfolio to 70% over the coming decade. ACWA CEO Paddy Padmantha, during an interview with Reuters on the sidelines of the World Energy Congress being held in Abu Dhabi this week, said ““By 2030, we expect to see 70% of renewables in our portfolio in terms of capital employed,” adding ““We expect to see, in any given year, 60% of new investments in renewables.”
Currently, renewables account for about 23% of ACWA’s portfolio.
The company is very active in North Africa’s renewable energy sector, including investments in several Egyptian solar farms, Morocco’s Khaladi wind farm and the massive Noor solar complex. The company is also invested in South Africa’s renewables sector, including in the Bokpoort CSP project.