https://arab.news/2meyz
RIYADH: Saudi utility firm ACWA Power plans to lead the global energy transition, expanding to 20 countries and tripling its assets to $250 billion by 2030.
In an interview with Arab News, the company’s top executive shared insights into the company’s strategic objectives to enhance its international presence, emphasizing the role of Saudi Arabia’s homegrown companies in energy transition.
Raad Al-Saady, vice chairman, and managing director at ACWA Power, affirmed that the company is on course to grow its assets from $85 billion to $250 billion by 2030, following the strategy approved last year.
“We added $15 billion of assets to our portfolio last year, and we intend to continue to grow,” Al-Saady told Arab News on the sidelines of the Public Investment Fund’s Private Sector Forum in Riyadh.
He added that the company aims to average $20 billion to $30 billion in assets under management annually from now until 2030 to achieve its goal.
Expanding its international presence, ACWA Power, currently operational in 12 countries, aims to increase this number to 20 over the next few years, Al-Saady said.
“We will go, where we can contribute, where we can add clean energy, where we can add desalinated water and green hydrogen.”
Al-Saady further elaborated on ACWA Power’s strategy to foster growth through localized initiatives in each country of operation.
“Our goal is to continue leading the market by enhancing local content, not just in Saudi Arabia but in every country where we operate.”
This approach includes setting local content targets and hiring local talent to bolster the company’s standing and contribute to the development of robust local supply chains.
“For instance, in Saudi Arabia, we have encouraged our international partners like Envision, PVH, and Toray to establish operations locally. Similarly, we have supported Saudi companies in expanding their business internationally,” he said.
As Saudi Arabia advances its strategy toward achieving net-zero emissions, Al-Saady noted ACWA Power’s instrumental role in this transition and expressed pride in the company’s involvement in national initiatives.
He also praised the Saudi government as an excellent business partner, crucial to ACWA Power’s achievements.
Al-Saady highlighted the supportive role of entities such as the Saudi Power Procurement Co., which has created a more competitive and transparent market environment for ACWA Power.
Additionally, he observed an increase in collaborations between small and medium-sized enterprises and larger corporations like ACWA Power in the Saudi market.
“There’s a growing interest from SMEs to collaborate with us, offering them a chance to leverage our experience and eventually emulate ACWA Power’s journey from a startup to a leader in the sector. As we celebrate our 20th anniversary, I envision these startups could be the ACWA Powers of the future in 20 years,” he concluded.