Saudi Arabia’s utility developer ACWA Power plans to invest about $10bn this year as it seeks out new projects in 10 countries, Reuters reported, citing chief executive officer Paddy Padmanthan.

The company operates in a dozen countries and is now bidding for projects in new markets including Ethiopia, Tunisia, Cambodia, Azerbaijan and Uzbekistan, Reuters reported, citing Padmanthan at an energy event in Abu Dhabi.

Saudi Arabia’s Public Investment Fund plans to boost its stake to 40 per cent from 25 per cent, it added.

In Q4 2018, the company concluded SAR1.2bn ($319.85bn) worth of financing for Saudi Arabia’s first utility-scale solar project.

Read more: ACWA Power closes SAR1.2bn financing for Saudi’s first utility-scale solar project

In Q3 2019, Abu Dhabi’s Mubadala and ACWA Power also agreed to develop a Dhs3.27bn ($891m) independent water desalination plant, capable of handling 200 million gallons per day (mgpd). The plant is expected to be operational by Q4 2022.

Read more: Mubadala and ACWA Power reportedly building a $891m water desalination plant

Also read: Power letters 2019: Paddy Padmanathan, CEO and president of ACWA Power International