ACWA Power plans $8bn investment drive for coal and solar projects

Saudi Arabia‘s ACWA Power plans to raise $8bn in the first half of this year to finance projects that will help to boost its generating capacity by a third by the end of 2016.

Among the projects earmarked for ACWA’s proposed new funding is the 1,200 MW Hassyan clean coal powerHassyan coal power plant plant in Dubai, which it is building in conjunction with China’s Harbin Electric and with Alstom as the lead contractor, CEO Paddy Padmanathan told Reuters.

The funds raised will also cover the Ibri/Sohar-3 scheme in Oman, in partnership with Japan’s Mitsui & Co, as well as the 100 MW Redstone solar plant in South Africa. Some of the money will also be used to help refinance debt against the Rabigh 1 power plant, run by Rabigh Electricity Co and part-owned by ACWA.

The new projects are expected to raise ACWA’s power assets to 28,000 MW by the end of 2016 from almost 21,000 MW now.

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