ACWA Power posts strong H1 results as it continues its renewables expansion

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After the first half of 2022, ACWA Power has a portfolio of 15.7GW of renewables assets in different stages. Image: ACWA Power.

Saudi Arabian renewables developer ACWA Power posted strong H1 2022 results as it continues to divert its portfolio to renewables and low-carbon technologies.

The company reported an operating income of SAR1,153 million (US$307.46 million) during the first half of 2022, an 8.6% year-on-year increase, with a reported net profit of SAR542 million in H1 2022, a 21% year-on-year increase.

The company has been active during H1 2022 and has received preferred bidder status on two floating PV plants in Indonesia with a total capacity of 110MWac and has signed several power purchase agreements (PPAs) in Saudi Arabia – one for a 91MW PV plant and a second for the 700MW Ar Rass project with a 25-year PPA.

The renewables developer is also preparing a solar bid for a tender in Uzbekistan with a total capacity of 500MW.

Moreover, the renewables developer has expanded its commitment in green hydrogen by signing a joint development agreement with Oman’s energy group OQ and Air Products towards a multi-billion dollar investment for a green ammonia production facility in Oman.

The Saudi company has also signed a US$900 million limited notice to proceed agreement in relation to the engineering procurement and construction (EPC) contract for a green hydrogen project in Saudi Arabia it is working on in partnership with NEOM and Air Products.

Paddy Padmanathan, vice-chairman and CEO at ACWA Power, said: “ACWA Power’s financial performance in the first six months demonstrates that our develop-invest-operate-optimise model is continuing to deliver robust results, even in unsettled times. We have grown in line with expectations, working diligently to mitigate geopolitical and global financial and supply chain disruptions.”

The company’s current portfolio consists of 67 projects in operation, construction or advanced development in 13 countries at the end of June 2022, with a total capacity of 42.7GW of which more than a third (15.7GW) came from renewables assets.

It expects several financial closes during the second half of 2022 that will lead to higher development and construction management fees.

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