PHOTO
Paddy Padmanathan, the Saudi-based firm’s Vice-Chairman and CEO said it has plans for double digit gigawatt (GW) scale capacity additions for wind and solar plants and electrolyser capacities totalling 40 GW.
“We are able to take advantage of the solar and wind resources, land availability, and excellent credit references and are able to develop projects at scale…. in the range of 2 GW for solar and about 1.5 GW of wind,” Padmanathan said speaking at a press conference organised by Dii Desert Energy.
He said ACWA Power has similar sized projects in Oman and Egypt. “We are confident to multiply the NEOM experience and come up with a NEOM 1 and NEOM 2.”
Oman, South Africa and Egypt are emerging as next opportunities, the CEO had said in an earnings call on Thursday.
He said the region’s first green hydrogen project at NEOM has gone into construction and is all set to deliver 600 tonnes of green hydrogen per day by 2026. This will produce enough energy to power 20,000 buses and abate 5 million tonnes of carbon dioxide.
He said as volumes increase, the component manufacturing and industrial capacity developing around energy transition will be located regionally and this is already happening.
This week, ACWA Power announced plans for a 10GW wind energy project in Egypt, its second wind project in the country after a 1.1 GW project announced in June this year.
The company’s current installed power generation capacity stands at 42.7GW
As of 30 September 2022, ACWA Power has projects worth $66.5 billion in its portfolio comprised of 67 projects in operation, construction, or advanced development in 13 countries.
(Reporting by Sowmya Sundar; Editing by Anoop Menon)
