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' twice by the publication Euro money in 2010 and 2012, and for three 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 15,731 MW of gross contracted power capacity and 24 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. In addition to our operating and under developments assets in Saudi Arabia today ACWA Power's efforts have resulted to include a 850 MW gas fired plant in Turkey which is at advanced stage development, 50 MWe Concentrated Solar Power (CSP) plant at Bokpoort in South Africa, 160 MWe CSP plant at Ouarzazate in Morocco and an operational 60MWp photovoltaic technology solar plant in Karadzhalovo, Bulgaria.
Our medium term goal is to expand our portfolio to 38,000 MW including at least 10% of renewable energy and 5 million m3/day of desalinated water production capacity.