We have indeed come a long way from the founding days of ACWA Power in 2004. Far enough to have been recognized as the 'Middle East Sponsor of the Year' by the publication Euro money in March 2010, and for the third year in a row as one of the 100 fastest growing companies in Saudi Arabia. Equally gratifyingly, in January 2010 and 2011, our efforts in the field of corporate social responsibility were recognized through an award for Responsible Competitiveness by the Saudi Arabian General Investment Authority (SAGIA) and the King Khalid Foundation.
The first years were very fulfilling, yet demanding, for ACWA Power. Our portfolio now comprises 8,000 MW of gross power capacity and 2.3 million m3/day gross desalinated water capacity. ACWA Power’s strategy is to grow internationally and to broaden the portfolio across a wider geographical platform. The focus is on countries with a stable socio political foundation, strong economic fundamentals, a robust legal framework coupled with a track record of honoring contracts and a healthy respect for the value private sector brings to the field of power generation and desalinated water production.
Our short term target markets are the GCC, Jordan, Egypt, Morocco, Turkey and South Africa. We have identified opportunities in each of these target countries and are either preparing offers or have commenced development work. Our medium term goal is to expand our portfolio to 30,000 MW including at least 1,500 MW of renewable energy and 5 million m3/day of desalinated water production capacity.
Mohammed A. Abunayyan