ACWA nets prestigious awards for Mid East projects
ACWA Power was named 2011 Sponsor of the Year for Project Finance
ACWA Power International (ACWA Power) was named the 2011 Global Sponsor of the Year by Project Finance International at an awards dinner ceremony in London. Since 2004, ACWA Power has made a big impression on the Middle East power and water sector.
The company is a developer, investor, co-owner and operator of plants capable of producing 12,000 MW of power and 2.3 Mm3/day of desalinated water with an investment value in excess of US$15.2 billion.
ACWA is incorporated in Saudi Arabia and is privately owned with a paid up capital and shareholder loans totaling $1.2 Billion. ACWA Power’s core business is the delivery of electricity and desalinated water from assets in which the company has a meaningful stake enabling operational control.
ACWA Power’s success continued with “Islamic Deal of the Year” for the Qurayyah Power project by Euromoney Magazine and the Best Electricity Project at the Saudi BuildInfra Awards in Riyadh. In addition, ACWA Power received the “Middle East Power Deal of the Year” award, also for the Qurayyah Power project, from Project Finance Magazine on March 6 in a ceremony which took place at the Jumeirah Emirates Towers Hotel in Dubai.
Rajit Nanda, Chief Finance Officer of ACWA Power said “There is no greater honor than being recognized by one’s own peers, a humbling while at the same time highly motivating experience given that we are being judged against well-established international competitors who are extremely active within not just the MENA region but who operate right across the world.”
He also noted; “This award represents an amazing array of projects won and completed, and brown field assets procured and integrated all within the last seven years. None of which could have been achieved without the highly dedicated team of professionals at ACWA Power who live by hard work; who breathe enthusiasm; and to whom nothing is impossible; and our shareholders who have given a new meaning to the words vision and commitment, a group led by Mr Mohammad Abunayyan, our Chairman who had the courage to dream but whose dream would have remained a fantasy if not for the trust placed in us by our partners, co-investors, lenders/banks, equipment suppliers, EPC Contractors and our clients/ the off takers not forgetting the supporting cast of engineering consultants and lawyers”
In the announcement of the award Thomson Reuters said “Gulf based ACWA Power won Global Sponsor of the Year for funding the world’s largest independent gas fired power plant in Saudi Arabia and its purchase of more than half the power capacity of Jordan”.
ACWA Power is well established in both its regional and other markets. This year it reached financial close on the largest gas-fired independent power project (IPP) in the world - with the 4,000MW Qurayyah project. Furthermore, ACWA Power has 14 operating assets including Barka in Oman in which ACWA Power bought a controlling share in 2010. During 2011 the company acquired a controlling stake in 59% of the Jordanian power capacity by purchasing a 65% stake in Enara Energy Investments, which holds 51% of the former state utility CEGCO. The company now has seven plants across the Hashemite Kingdom.
Paddy Padmanathan, President & CEO of ACWA Power noted that "The aspirations of ACWA Power reach beyond being a company that invests in Water and Power technologies to supporting the scientific development of these technologies through R&D and training. ACWA Power sponsors a number of initiatives such as research chairs for water desalination in King Saud University and is a founding sponsor of King Abdullah University of Science and Technology. In addition, ACWA Power has recently established jointly with Technical and Vocational Training Corporation (TVTC) the Higher Institute for Water and Power Technologies (HIWPT) in Rabigh".