This acquisition will strengthen ACWA’s position in the CSP sector, ACWA said.
The CSP technology utilizes solar mirrors to reflect the solar radiation into a tube which contains heat transfer fluid to heat upto 550°. The generated heat will run the power turbines.
Sun & Life CEO Abdullah Taibah said, "This acquisition marks a humongous move for Saudi Arabia into renewables; paving the way for a sustainable localization path."
The acquisition will position ACWA to respond to the Saudi Energy diversification plan proposed by King Abdullah City for Atomic and Renewable Energy, addressing 25GW of CSP projects by 2030, with an estimated project value of SAR250 billion ($67 billion).
Flabeg CEO Holger Klimaschewski said that the company is very happy that it has found a strategic investor with a vision to drive this technology to the right direction.
"The next step to fully industrialize this technology will help to get LCOE further down and take a significant share of renewable energy market in the future," Klimaschewski added.
"The cost effective combination of CSP with large thermal energy storages provides dis-patchable energy and will contribute a significant benefit for the energy grids of tomorrow."
