Acwa Power expands Africa renewable footprint with $7bn investments
RIYADH, October 29, 2024
Acwa Power, a global leader in energy transition and a pioneer in green hydrogen, has announced that its Redstone Concentrating Solar Power (CSP) plant in South Africa has reached 50 MW and is set to achieve its full 100 MW capacity in the coming days.
The successful synchronisation of Redstone CSP to South Africa’s national grid was achieved through Acwa Power’s collaboration with Herlogas and SepcoIII, thus strengthening the Saudi utility major’s position as the leading private investor in Africa's renewable energy sector.
The project will provide clean energy to nearly 200,000 households while significantly reducing carbon emissions, said Acwa Power in a statement.
In addition, the Kom Ombo Photovoltaic (PV) plant in Egypt has reached its full production capacity of 200 MW, marking another milestone in Acwa Power’s extensive African portfolio and supplying clean energy to more than 200,000 households.
With current investments of $7 billion in total project cost across Africa, Acwa Power stands as a leading private-sector investor in renewable energy on the continent, it stated.
Beyond power generation, Acwa Power is at the forefront of green hydrogen and energy storage, as well as water desalination, further reinforcing Africa's renewable energy and water landscape to power the continent ahead in the next decade.
Recent agreements with the Egyptian and Tunisian governments underscore Acwa Power’s commitment to advancing green hydrogen projects and expanding its impact in Africa.
"Our investments in Africa reflect our commitment to sustainable growth through strategic partnerships and leading-edge technology. Acwa Power is not only a financial leader but also a responsible partner and a pioneer in shaping Africa’s energy and water future," remarked its CEO Marco Arcelli.
"We are eager to invest further where opportunities are most promising, bringing positive change to communities across the continent," he added.
Today, Acwa Power operates a global portfolio of 65GW and has achieved record-low costs in power generation, water desalination, and potentially in green hydrogen with production from NEOM Green Hydrogen Company (NGHC) expected by 2026 - vital for ensuring affordable and accessible solutions across the world.
Following its success in achieving the lowest levelised water tariff worldwide, Acwa Power said it is uniquely positioned to enhance access to affordable, clean water across the continent, furthering its commitment to sustainability.
With an ambitious plan to triple its business size announced in 2023, the Saudi utility major continues to expand across the world, driven by its mission to deliver affordable and reliable energy solutions that foster economic and social development.
"With its proven track record and the growing demand for sustainable infrastructure, the company is well-positioned to drive transformative change and long-term impact through its investments in Africa and beyond," he added.-TradeArabia News Service
