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June 29, 2020

ACWA Power maintains $10bn investment goal amid Covid-19

By JP Casey

Saudi Arabian energy investor ACWA Power has announced that it plans to invest more than $10bn in new power projects this year, as its operations remain undisrupted by the Covid-19 pandemic.

The company, which operates the 2.4GW Hassyan coal plant in the UAE, the 273MW SALALAH 2 gas plant in Oman, and the 120MW Khalladia wind farm in Morocco, told Reuters that the virus has had a “minimal impact” on its projects.

ACWA has remained active over the course of the spread of the virus, leading a consortium which secured a contract to supply solar power to the Dubai Electricity and Water Authority at the lowest tariff price in history: just 1.69 cents per kilowatt hour. The firm’s stability will be welcome news for Saudi Arabia, which has seen its financial stability turn increasingly tentative as the Covid-19 pandemic has triggered collapses in oil prices. Earlier this month, Moody’s announced that its outlook for Saudi Arabian finances had been downgraded from “stable” to negative, and the country announced plans to cut $8bn from its proposed Vision 2030 investment project.

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