28 March 2016

ACWA Power awarded international accolades after record-breaking year

ACWA Power awarded international accolades after record-breaking year

Dubai, United Arab Emirates, 28 March, 2016 -  ACWA Power, the fastest growing power and water developer in the Middle East and Africa, has scooped six industry awards in recognition of its successful projects and bid wins throughout 2015.

The awards are a testament to ACWA Power’s diverse energy mix, with the company receiving wins for solar, wind and gas projects, along with a host of other awards that serve to demonstrate the company’s development and operational excellence over the last year.

Four of the wins came at the IJGlobal Awards, with the company picking up the best solar deal award for its Shuaa Energy I plant in Dubai, the best wind deal for its Khalladi Wind plant in Morocco, the best power deal for its Salalah 2 plant in Oman, as well as the ‘Regional Sponsor’ award for the MENA region in 2015.

The company also received the ‘developer of the year’ award from the EMEA Project Finance Magazine.

Last month ACWA Power was named ‘Global Sponsor of the Year’ by Project Finance Magazine at a high-level international ceremony in London, UK.

The developer, investor, co-owner and operator of plants capable of producing 22.8 GW of power and 2.5 Mm3/day of desalinated water, has an investment value in excess of US$32 billion.

“2015 has been a remarkable year in the evolution of ACWA Power,” said, Rajit Nanda, Chief Investment Officer, ACWA Power. “During the year we set global benchmarks for the safe, efficient and reliable delivery of power and water at the lowest possible cost.”

“These awards represent some of the highest possible accolades in the world of infrastructure and project finance and are reward for the hard work and ingenuity that the team has shown in 2015. It crowns ten years of operation where we ar­e trailblazing the global industry in innovative renewable energy and clean coal technology to produce power and desalinated water to support the social development and economic growth of the communities in which we operate.”

ACWA Power has operations in 12 countries, including Saudi Arabia, Oman, UAE, Jordan, Morocco, South Africa, Turkey, Vietnam, Mozambique and Egypt. 2015 saw the company win and/or achieve financial close on 11 projects with a total capacity of 4,869MW and 12.5 MIGD, with an aggregate project cost of USD 7.0 billion.

ACWA Power was instrumental in arranging or raising limited recourse project financed senior debt of c.USD 5.2 billion for these projects. These also include five renewable energy (solar PV, solar CSP and wind) projects comprising a total of 770MW of capacity at a total project cost of USD 3.4 billion.

“By any standards, ACWA Power had a big year of wins and financial closings. It pushed on at a frantic pace winning or closing 11 projects in five countries across two continents and using a broad spectrum of technologies including gas fired, sea water reverse osmosis, solar and wind,” said IJGlobal editor, Jon Whiteaker.

The IJGlobal Awards, which celebrate outstanding transactions and institutions from the world of infrastructure finance, are held annually in four locations around the globe. 

The PFI Awards are part of the Thomson Reuters Awards for Excellence, recognising corporate and individual success in the global financial industry. It is the second time that ACWA Power has received the prestigious PFI recognition.

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