ACWA Power has announced that it plans to focus more on renewable energy projects, lifting their share of its portfolio to 70% over the next decade, its chief executive and president said.
The present value of the Saudi Arabian utility developer's portfolio is more than $42 billion, with renewables accounting for 23%.
"By 2030, we anticipate to see 70% of renewables in our portfolio in terms of capital employed," Paddy Padmanthan said.
"We expect to see, in any given year, 60% of new investments in renewables."
Acwa Power, which develops power and desalinated water plants, plans to expand into new markets, but will maintain its portfolio balance of 50% in Saudi Arabia and 50% overseas.
The company has assets in 12 countries and has bid for renewable energy projects in five new countries - Ethiopia, Tunisia, Cambodia, Azerbaijan and Uzbekistan.
"We are responding to demand, seeking growth and seeking a balance," Padmanthan said.
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