Acwa Power to Enter China in 2021: CEO
- Acwa Power Co. is expanding to China and other Asian markets in 2022, focusing on desalinization, power plants and renewable energy. The move is part of the company's global expansion and carbon emission neutralization plans. CEO Marco Piero Arcelli, appointed in 2021, is driving the firm's ambitions to also build partnerships and establish operations in Europe and Saudi Arabia.
Acwa Power Co., a Riyadh-based water and power services specialist, is planning to expand into China and other Asian markets starting in 2022. The move is part of the company’s global expansion plan and will focus on developing desalinization plants, along with power plants producing green hydrogen and renewable energy from solar and wind energy. Acwa is a key part of Saudi Arabia’s plans to neutralize its carbon emissions by 2060, but the company also has experience with oil and gas projects. In addition to expanding into Asia, the firm is also looking to build partnerships and establish operations in Europe and Saudi Arabia. CEO Marco Piero Arcelli took over the firm in 2021, after the retirement of Paddy Padmanathan who had served as CEO for 18 years. Following the news, Acwa shares rose 7.9% to a record high.
What Plans Does Acwa Power Have for Asian Expansion?
- Acwa Power plans to focus on developing desalinization plants, along with power plants producing green hydrogen and renewable energy from solar and wind energy.
- The company has experience with oil and gas projects as well, and is looking to build partnerships and establish operations in Europe and Saudi Arabia.
- Acwa have ambitions to become one of the largest renewable energy companies in the world, and the Asian expansion is part of this goal.
- CEO Marco Piero Arcelli has said that their expansion into Asia will originate from China, with a team of experienced professionals who will help set up new projects in the region.
- Acwa is also looking into establishing joint ventures with regional partners in the Asian markets, in order to ensure a successful expansion.
- The firm is also in line with Saudi Arabia’s target to have carbon neutrality by 2060, and the expansion into Asia is a key part of that strategy.
