ACWA Power International (ACWA Power) has been awarded the 2013 “Project of The Year” prize for its Noor1 Concentrated Solar Power project and “Utility Company of The Year” by the Middle East Solar Industry Association Awards (MESIA) at an awards dinner ceremony in Abu Dhabi. The prestigious event was attended by the international solar industry community. Since its establishment in 2004, ACWA Power has made its indelible mark on the competitive landscape of the Power and Water industry in the MENA region, reaping awards from some of the most prestigious publications and industry associations.
Earlier this year BOKPOORT (CSP) (IPP) was recognized as the 2013 Solar Deal of the Year by World Finance Magazine; a leading financial magazine. World Finance stated “Throughout the three month appraisal, World Finance cited BOKPOORT’s scale, scope and complexity in reaching 21,000 homes as South Africa’s first renewable technology at commercial scale to provide for the country’s daily peak demand; and for having the largest thermal storage ever adopted for a solar plant”.
Over the last nine years, ACWA Power has received numerous distinguished awards for its projects, initiatives, growth, CSR programs, and project financing models from a range of recognizing bodies & publications including SAGIA, Project Finance International, Global Water Intelligence, Euromoney, Thomson Reuters and World Finance.
Paddy Padmanathan, President & CEO of ACWA Power said that “We are very proud to receive these prestigious awards from MESIA. These awards recognize our team of multidisciplinary professionals who have completed a large number of similar transactions. The awards also recognize our ability to consistently select the optimal technical solution, partner with the most efficient engineering, procurement and construction (EPC) service providers and implement an effective operation and maintenance strategy to deliver the lowest possible tariff”.
Padmanathan continued “Noor 1 CSP IPP is a milestone project where ACWA Power has again proved our model to be successful by demonstrating the cost at which solar power can be produced, which is significantly lower than what has been achieved to date. Noor 1CSP IPP brought us closer to achieving our goal of reaching a total power production capacity target of 38,000 MW by the end of 2018 of which, maximum 10% will be from renewable sources”.
Rajit NANDA, Chief Investment 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 for our teams, given that we are being judged against well-established international competitors who are extremely active not just within the MENA region but who operate right across the world.”
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