Steven Meyrick, MD, Altaaqa, talks about global temporary power market
Steven Meyrick, MD of Altaaqa, talks about global temporary power market
There is a huge demand for temporary power in the emerging markets around the world, particularly in the regions of Africa, Middle East, Latin America, South, Central and East Asia and these are areas where we are focusing.
The global power shortfall is estimated at around 300GW. To put this in perspective, the entire rental power industry has only an estimated fleet of around 30GW, including the big players and small rental companies worldwide, so even a combination of all rental companies would not come close to filling this void.
Altaaqa Global aims to become a billion US$ company in the next 5 years. The aim is to be the preferred provider of temporary power solutions in the industry. Altaaqa Global is a subsidiary of the Zahid Group of Saudi Arabia, one of the largest CAT dealers in the world today. The Zahid family owns a large and diverse business portfolio in the Kingdom and is determined to develop Altaaqa Global into a hugely successful global company. Altaaqa Global is investing significantly in human resources development and training, state-of-the-art equipment and facilities, logistical operations and global offices.
Our business future is very promising and, having got off to a great start, we are already breaking records in the power rental industry.
What opportunity led to opening an installation in Aden?
Our commitment to deliver on time and our fuel efficient power plant was the winning formula in Yemen. Our competitors were not able to meet the extremely tight installation / commissioning deadline set by the client - within the first three weeks of the Holy Month of Ramadan - nor were they able to deliver the complex technical specification demanded within this timeframe.
As a result, we were able to deliver the equipment on time and supply power ahead of the target schedule. It took us just 23 days from the signing of the contract to mobilise our equipment, ship them from Dubai to Aden, deliver the equipment at site, install and commission the power plant. According to the customer, this was the fastest installation of a fully commissioned temporary power plant in the history of Yemen. This is a true testament that our management standards and streamlined operational processes are working.
Where do you see further growth coming from in the GCC region? How important is the GCC/MENA region to your business?
All the GCC countries are very important to us due to their ever expanding economies. The expansion in oil & gas, petrochemical and other energy projects are constantly growing. Furthermore, the continuous development of its non-energy related industries such as infrastructure, commercial and residential are also increasing year-on-year. If you consider for a moment the Saudi Arabian market for example, our sister company Altaaqa Alternative Solutions (Altaaqa Saudi) is providing 800 MW of power in various sectors, making them the clear market leader in the rental power industry.
What’s on the horizon over the next 12 months?
We are going to continue in pursuing multi-megawatt independent power projects (IPP) in the emerging markets, particularly in the Middle East, Africa, Indian sub-continent, Central & East Asia, and Latin America.
Altaaqa Global will continue to invest heavily in human resources, further improving our business processes, expanding and diversifying our fleet of CAT power generators and maintaining our rightful position at the very cutting edge of technology in the power generation industry.