ACWA Power International of Saudi Arabia plans to spend $4 billion on renewable-energy projects next year, with plants to be developed in Dubai, Jordan, Egypt and Morocco, Chairman Mohammad Abunayyan said.
ACWA Power will use project financing for the plants, with 80 percent of the cost to come from debt and the rest equity, Abunayyan said in an interview in Riyadh. Developers usually pay the upfront costs of renewable-energy projects and then get paid by the output generated.
Nations are investing in solar and wind energy to cut down on pollution from fossil fuels and to take advantage of reduced costs.
Funding for the clean-energy industry surged 40 percent in the third quarter to $66.9 billion compared with the same period last year, according to a report by Bloomberg New Energy Finance.
Saudi Arabia plans to develop 30 solar and wind projects over the next 10 years as part of a $50 billion program to increase power generation.
Business on 10/26/2017
Print Headline: Saudi firm to put $4B into clean energy