Saudi Arabia’s Public Investment Fund (PIF) has announced plans to raise its stake in the domestic power and water project developer ACWA Power from 25% to 40%. This move comes at a time when the sovereign fund intends to diversify into solar power and electric vehicles, expand its activities overseas and become a global investor in renewable energies.
ACWA Power develops, co-owns and operates a portfolio of 32 power plants with a combined installed capacity of more than 29 GW. In particular, it has a significant track record in renewable energy and won the Sakaka 300 MW solar PV project in Al Jawf (Saudi Arabia) in February 2018 under the framework of a bidding round with a low tariff of around US$2.34c/kWh compared with US$2.66c/kWh for its main contender Marubeni Corporation. The US$320m project will be built under the framework of the renewable energy programme executed by state-run REPDO (Renewable Energy Project Development Office).
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