According to the company’s vice chairman and CEO Paddy Padmanathan, Saudi Arabia’s ACWA Power Co.’s portfolio of assets has reached $75 billion. This is because the company has so far reported a 110 percent increase in profits in 2022.
By 2030, the company is expected to have $230 billion in assets, the CEO told CNBC Arabia.
While the company’s present capacity is 42 gigawatts, Padmanathan claims that there is the potential to grow the volume by up to three times to reach 150GW.
According to him, the company currently produces 6 million cubic meters of desalinated water, but by 2030, that number is expected to rise to 15 million.
According to Padmanathan, ACWA Power is presently producing up to 240,000 tons of green hydrogen.
According to a recent market filing, the energy giant’s profits increased from SR419.9 million during the same period last year to SR883.4 million ($235.1 million) during the first nine months of 2022.
The increase was caused by lower development, provision, and write-off costs in the most recent quarter.
According to a statement, it was also attributed to strong growth in operating income before impairment and other charges at ACWA Power as well as reduced profit on account of one-time or non-routine expenses during the same period in the previous year.
In spite of plant outages at four sites, operating income for the nine-month period was SR1.8 billion, an increase of SR189 million or 11% from the same period the previous year.
The chairman of ACWA Power, Mohammad Abunayyan, remarked, “Our business results indicate our capacity to stay on course despite turbulent global conditions.”
“Over the past nine months, we have reached a number of financial and project milestones, supported equally by our strong collaborations across geographies, most recently with bringing China’s Silk Road Fund on board as a co-investor in our Sirdarya CCGT project in Uzbekistan.”
Wednesday saw the initial contract for the construction of a 10GW project in Egypt by ACWA Power to generate electricity from wind energy.
Additionally, a preliminary agreement to finance sustainable infrastructure projects was inked with the European Bank for Reconstruction and Development.
With a share purchase deal for $130 million, ACWA Power sold its 49 percent ownership in ACWA Power Uzbekistan Project Holding Co. in September.
According to a bourse filing, the arrangement was reached with CVXF Inc., a division of the Silk Road Fund of China.
The 1,500 MW combined cycle gas fueled power station is being created by ACWA Power in the Syrdarya area of Uzbekistan using the “build, own, operate, transfer” approach, according to the business.
Founded in 2004, ACWA Power is a developer, investor, co-owner, and operator of a portfolio of power generation and water production plants that is partially controlled by Saudi Arabia’s Public Investment Fund. Currently, the company operates in ten nations in the Middle East, North Africa, Southern Africa, and South East Asia.
