OIC General Secretariat Holds Video Conference with OIC Universities to Review Impact of COVID-19 Pandemic    UAE Strongly Condemns Terror Attack on a Mosque in Kabul    KSA Permanent Representative to UN: Pledges at Yemen High-Level Pledging Event 2020 Confirm its Success    OIC General Secretariat strongly condemns bombing of a mosque in Kabul    Kingdom strongly condemns bombing of a mosque in Kabul    KFUPM Ranks Fourth Globally in the Field of Patents    KSrelief Distributes 2,500 Cartons of Dates to Displaced People in Marib, Yemen    The first construction recycling facility in Riyadh to be operated next July    SAMA: With Growth 95%.. 89,345 New Mortgages Loans for Individuals until April 2020    Morocco Reports 44 New COVID-19 Cases    SRO resumes trips today    Five-star Bayern Edge Closer to 30th League Title    Al-Jadaan: Gradually Reopening Economic Activities Affirms Government's Role in Supporting Economic Development and Is A Positive Step Towards Improving Economic Performance    Gamers Without Borders Championship continues its competitions for world professional video gamers    Three Saudi Female Athletes Review their Experiences    Saudi Taekwondo wins gold medal in virtual world championship    Saudi Surgeon Managed to Remove Kuwaiti Girl's Brain Tumor, as French Physician Declined, in the last Moments    KSA Ministry of Health Leads Advance Clinical Studies, on 4 Innovative Techniques for Coronavirus Treatment    SPIMACO Addwaeih Localizes Technology for Biological Drugs in Alliance with Amgen US Company within its Initiatives to Achieve Drug Security    Bangladesh reports first coronavirus death    Senior Scholars Council Issues Decision No. 246 Regarding Attendance of Friday Prayer and Prayers at Mosques in a Case of Spread of Epidemic or Fear of its Spread    Custodian of the Two Holy Mosques Addresses Citizens and Muslims on Eid Al-Fitr    Custodian of Two Holy Mosques addresses Citizens and Muslims on the Advent of Holy Month of Ramadan    Ministry of Hajj and Umrah Launches Awareness Message on Sacrifice Day    Newcastle Beat West Ham 3-0 for their first Win of the Season    Mourinho insists Ibrahimovic must be good enough for Manchester United    Reforms have saved the economy from possible recession, say analysts    The King and Crown Prince congratulates Moldova's President    More than 1,5 million pilgrims arrive in Saudi Arabia, so far    MWL allocates SR 7 million for Eid sacrifice project in 47 countries    Saudi Campaign provides educational and training services for Syrians in Al-Za'tari camp    Saudi student goes missing in Kentucky, US    Harvey lashes Texas US coast with high wind, torrential rain    North Korea tests short-range missiles as South Korea, US conduct drills    Samsung leader Jay Y. Lee given five-year jail sentence for bribery    Known days    "MODON" Signs MoU with Chinese Goldwind Company for wind-turbines manufacturing in the Kingdom    Flyadeal, Saudi Arabia's new low-cost airline, scheduled to launch on September 23, reports    Mastercard launches Masterpass in the Kingdom of Saudi Arabia    Honda among 27 Japan players named for World Cup qualifiers    Joker, Harley Quinn movie in works with 'Crazy Stupid Love' filmmakers    Madhuri Dixit to venture into Marathi films as a producer    Consumers warned against using some brands of face powder, hair products    How 'GOT' makers made the frozen lake in 'Beyond the Wall'    Shraddha Kapoor wants people to help the needy    Neymar targets improvement after phenomenal home debut    Politicizing the pilgrimage    Rakhi 2017: "Bond of Love" between a brother and his sister    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





ACWA takes stake in Bulgaria solar plant
Published in The Saudi Gazette on 10 - 07 - 2012

JEDDAH – ACWA Power International, the Saudi-based water and power developer, owner and operator, Monday said it has signed an agreement to acquire a 42 percent stake in a solar plant in Bulgaria.It said it has partnered with an affiliate of First Reserve Energy Infrastructure Fund and Clean Energy Transition Fund, a fund managed by Crescent Capital, to acquire the solar power plant located in Karadzhalovo.
The plant, which was constructed by US-based SunEdison, is expected to produce 81,000 MWh per annum. The plant has been operating since March and is already supplying electricity to the Bulgarian power grid, a statement said.The project is funded with equity and debt capital by International Finance Corporation, the private sector affiliate of the World Bank; Overseas Private Investment Corporation of the US and UniCredit of Italy. As part of the deal, the plant will be operated by a new company formed in Bulgaria by NOMAC, a subsidiary of ACWA Power, and SunEdison in which both companies will have equal shares of ownership. Over 50 percent of the installed power generation capacity of Bulgaria uses coal as the primary fuel which in turn emits approximately 0.6 tons of CO2 per MWh of electricity produced.Paddy Padmanathan, president and CEO of ACWA Power, said: "We are proud to enter not only our sixth international market but also our first investment in renewable energy." ACWA Power owns majority stakes in fully operational assets in Oman and Jordan and projects under advanced development in Morocco, Turkey and South Africa in addition to its home market of Saudi Arabia. – Agencies

Clic here to read the story from its source.