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Saudi Acwa Acquires 42% Interest in Bulgarian PV Solar Plant

Saudi Acwa Acquires 42% Interest in Bulgarian PV Solar Plant
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Δευ, 9 Ιουλίου 2012 - 17:42
Acwa Power, a Saudi Arabia-based power and water plant developer, said Monday it has entered a consortium to acquire a solar photovoltaic, or PV, plant in Karadzhalovo, southern Bulgaria, in which it will hold a 42% controlling interest.
Acwa Power, a Saudi Arabia- based power and water plant developer, said Monday it has entered a consortium to acquire a solar photovoltaic, or PV, plant in Karadzhalovo, southern Bulgaria, in which it will hold a 42% controlling interest.

The plant, which became operational in March, is rated at a capacity of 60 megawatts and is expected to produce 81,000 megawatt hours per year on average, Acwa said in an emailed statement.

The solar plant will be owned by a new company formed by Acwa power and its partners--an affiliate of energy-focused private equity fund First Reserve Corp. and a fund managed by Turkish private equity firm Crescent Capital.

It will be operated by a new firm formed in Bulgaria by Nomac, a subsidiary of Acwa Power, and SunEdison, a unit of U.S.-based MEMC Electronic Materials Inc. (WFR). Both companies will have equal shares of ownership.

Acwa Power recently expanded into Oman , Jordan and Turkey . Middle East countries, in particular in the Arab Gulf , have seen a spike in electricity and water needs in recent years due to rising populations and increased industrial developments.

Those states depend on foreign investors and debt funding to build and run their power plants and water desalination facilities under the so-called independent power and water project, or IWPP, model.

Acwa Power, established in 2004 in Riyadh , is competing for large-scale IWPP projects with international companies

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