- ACWA Power has said it is willing to create an enabling environment to welcome solar panel manufacturers in Saudi Arabia
- It, however, has no plans to enter solar panel manufacturing by itself, according to Reuters
- Renewables are set to play a significant role in the company’s growth as it aims to double its power production capacity by 2025, but specifics are not known
Saudi Arabian energy company ACWA Power is apparently willing to support solar panel manufacturing in the country. Reuters reported the company is open to the idea of supporting and enabling the right environment in the kingdom to welcome in manufacturers.
Partly owned by the country’s Public Investment Fund (PIF) that’s planning an incredible $200 billion solar power generation project with Japan’s SoftBank, ACWA Power, a leading solar developer and EPC, could play a significant role in this project, even more if it commits to use home-made modules. However, the company said it does not plan to become a manufacturer of solar panels.
Saudi Arabia’s crown prince Mohammed bin Salman bin Abdulaziz signed in 2018 a MoU to develop a 200 GW PV project in Saudi Arabia which would cost some $200 billion and would also include local manufacturing of solar panels (see 200 GW PV Capacity In Saudi Arabia?).
In July 2018, PIF increased its 15.2% equity interest in ACWA Power to nearly 25% (see PIF Saudi Arabia Acquires Direct Stake In CWA).
By 2025, ACWA Power aims to double its power production capacity and expand operations to 25 markets. Currently, it operates in 12 markets. Renewables will play a significant role in this growth, said ACWA Power CEO Paddy Padmanathan but did not reveal specifics. The company is also working on launching its initial public offering (IPO).