ACWA Power Intends to Invest $30 bn

ACWA Power CEO Paddy Padmanathan said the business plans to participate in renewable energy projects worth $30 billion alongside Saudi Aramco’s partners and the Public Investment Fund, which owns roughly 44% of the company.

Padmanathan remarked in an interview “I expect the projects to be in the neighborhood of $30 billion over the next 10 years,” according to S&P Global.
This enormous portfolio will be developed through a series of initiatives, with “Sedair” being the first.

The company’s efforts to develop clean energy projects are part of its decarbonization program, with the goal of achieving net zero emissions by 2050.

“We will not invest in coal-fired power plants in the future, and we will not invest in oil-fired power plants in the future.” ‘Gas or renewable energy sources’, the author says.

“Even with a considerably larger portfolio than we have now, we have the intention to halve emissions by 2030,” he added.

ACWA Power is looking at several green hydrogen and ammonia projects in the Gulf and North Africa region, according to Padmanathan, with one of them expected to be completed by the end of 2021.