ACWA Power Plans to Spend $4 Billion on Renewable Projects in 2018
- Saudi company plans plants in Dubai, Jordan, Egypt, Morocco
- Financing for projects will be 80% debt, and rest equity
Power transmission lines run from an electricity pylon in Braintree, U.K., on Wedenesday, Sept. 25, 2013. Britain's business lobby groups said that Labour leader Ed Miliband opposition's proposal to break up the 'Big Six' utilities and cap power prices threatens the investment needed to avoid blackouts by the end of the decade.
Photographer: Chris Ratcliffe/BloombergACWA Power International plans to spend $4 billion on renewable energy projects next year, with plants to be developed in Dubai, Jordan, Egypt and Morocco, Chairman Mohammad Abunayyan said.
ACWA Power will use project financing for the plants, with 80 percent of the cost to come from debt and the rest equity, Abunayyan said in an interview in Riyadh. Developers usually pay the upfront costs of renewable energy projects and then get paid by the output generated.