ACWA Power plans to stop investing in non-renewable projects: CEO

ACWA Power has said it plans to end investment in non-renewable projects in its endeavor to reach net zero by 2050.
Riyadh-based ACWA, the only listed company with big renewable energy and hydrogen projects in the pipeline, is 44 percent owned by Saudi Arabia’s sovereign wealth fund PIF
CEO of ACWA Paddy Padmanathan told local media that the company wants to reduce carbon emissions because “climate change is real”.
The company is expected to deliver at least 70 percent of Saudi Arabia’s renewable schemes by 2030, and is forecast to take part in around $30 billion worth of green projects over the next 10 years, as the Kingdom’s strategy to diversify its economy away from fossil fuels gathers pace.
Padmanathan told the media that ACWA will not build more coal or oil-fired power plants. And as far as the existing oil-fired plants were concerned, the kingdom was committed to shutting them down by 2030.
He said the existing fleet of oil assessed will get phased out over the next nine years by repowering. And ACWA will be “very selective” about the gas-fired power plants.
ACWA holds a one-third stake in the massive $5 billion Neom futuristic city project, which will be powered entirely by solar and wind.
Riyadh-based ACWA, the only listed company with big renewable energy and hydrogen projects in the pipeline, is 44 percent owned by Saudi Arabia’s sovereign wealth fund PIF
CEO of ACWA Paddy Padmanathan told local media that the company wants to reduce carbon emissions because “climate change is real”.
The company is expected to deliver at least 70 percent of Saudi Arabia’s renewable schemes by 2030, and is forecast to take part in around $30 billion worth of green projects over the next 10 years, as the Kingdom’s strategy to diversify its economy away from fossil fuels gathers pace.
Padmanathan told the media that ACWA will not build more coal or oil-fired power plants. And as far as the existing oil-fired plants were concerned, the kingdom was committed to shutting them down by 2030.
He said the existing fleet of oil assessed will get phased out over the next nine years by repowering. And ACWA will be “very selective” about the gas-fired power plants.
ACWA holds a one-third stake in the massive $5 billion Neom futuristic city project, which will be powered entirely by solar and wind.