Saudi Arabia’s Acwa Power is targeting about 120 gigawatts of power-generating capacity in the next 10 years with a presence in 20 countries, and it plans to raise more money through the issuance of a bond at the end of this year or early next year to fund its growth plans.
The Riyadh-listed company is active in 13 countries with a power generation capacity of about 43 gigawatts, with 37 per cent of the total capacity being renewables. The company aims to take the total renewable capacity to 70 per cent in the next decade, with the rest consisting of the gas portfolio, according to its chief financial officer.
“To grow our portfolio, we are looking at a pipeline of 20 countries in the next 10 years … the new countries will be mainly in Africa and Asia including South-East Asia and Central Asia,” Abdulhameed Al Muhaidib told The National on the sidelines of the Water, Energy, Technology and Environment Exhibition in Dubai on Tuesday.
Acwa Power announced a number of new projects this year as it continues to boost its energy portfolio globally.
Last month, the company signed $12 billion worth of agreements to develop new energy projects in Uzbekistan, including the world’s largest single onshore wind project, with a total capacity of 1.5 gigawatts, in the Karakalpakstan region of the country.
It was also selected as the preferred bidder to develop two solar plants in Indonesia, South-East Asia's largest economy, and is leading a consortium to establish a 1.1-gigawatt wind project worth $1.5bn in Egypt.
“We tend to spend time exploring the market before we go there ... we are targeting capacity of at least five to six gigawatts to grow in each country … otherwise, it does not make commercial sense for us,” Mr Al Muhaidib said.
Acwa Power, which raised 2.8bn Saudi riyals ($746 million) through the issuance of a sukuk last year, is looking to raise more money this year to fund its pipeline of projects.
“Last year, it was tranche one of the [sukuk] programme and we did not announce when tranche two would be launched. Today, we are foreseeing the second tranche of the same programme ... [5bn riyals sukuk] could be [brought to the market] by the end of this year or beginning of the next year," he said.
It will raise “more or less” the same amount equivalent to the tranche one, he added.
Acwa Power signed a preliminary agreement with France's Natixis Corporate and Investment Banking last year to secure financing of up to $2bn for its renewable projects.
The utility developer reported 743.9m riyals in net profit last year, down 17.5 per cent compared to 2020, mainly owing to its recognition of some share-based payments related to its initial public offering and an impairment loss.
However, Acwa Power's second-quarter net profit attributed to equity holders of the parent jumped 27 per cent to nearly 389.9m riyals amid the launch of new projects. It expects better financial performance this year compared to the previous year as it continues to boost its energy portfolio.
“We always target better [financial performance],” Mr Al Muhaidib said, without divulging details.
Acwa Power is bullish on hydrogen as demand for clean fuel increases globally amid the energy transition. The company is developing a $5bn green hydrogen facility in Saudi Arabia’s Neom city in partnership with US-based Air Products and Neom. It is also teaming up with Oman’s OQ energy company and Air Products to create a multi-billion-dollar green hydrogen-based ammonia production unit in Oman's Salalah Free Zone.
“Green hydrogen is part of our growth story, so we have formally added that together with power and water,” Mr Al Muhaidib said, adding that the company is exploring new hydrogen opportunities in Egypt and Morocco.
Acwa Power, which raised $1.2bn from its listing last year, also aims to become carbon neutral by 2050 and “took out coal completely” from its portfolio this year, Mr Al Muhaidib said.
UAE’s Hassyan power project was converted into a natural gas plant. Another coal-powered project in Vietnam, which was in the advanced stage of development, was discontinued amid concerns about climate change.
Saudi Arabia's sovereign wealth Public Investment Fund is the biggest shareholder in Acwa Power, with a 44 per cent stake. It also has seven other stakeholders, including the Saudi Public Pension Agency.
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Starring: Jamie Foxx, Angela Bassett, Tina Fey
Directed by: Pete Doctor
Rating: 4 stars
UAE currency: the story behind the money in your pockets
Top 10 most polluted cities
- Bhiwadi, India
- Ghaziabad, India
- Hotan, China
- Delhi, India
- Jaunpur, India
- Faisalabad, Pakistan
- Noida, India
- Bahawalpur, Pakistan
- Peshawar, Pakistan
- Bagpat, India
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
Six tips to secure your smart home
Most smart home devices are controlled via the owner's smartphone. Therefore, if you are using public wi-fi on your phone, always use a VPN (virtual private network) that offers strong security features and anonymises your internet connection.
Keep your smart home devices’ software up-to-date. Device makers often send regular updates - follow them without fail as they could provide protection from a new security risk.
Use two-factor authentication so that in addition to a password, your identity is authenticated by a second sign-in step like a code sent to your mobile number.
Set up a separate guest network for acquaintances and visitors to ensure the privacy of your IoT devices’ network.
Change the default privacy and security settings of your IoT devices to take extra steps to secure yourself and your home.
Always give your router a unique name, replacing the one generated by the manufacturer, to ensure a hacker cannot ascertain its make or model number.
Newcastle United 0 Tottenham Hotspur 2
Tottenham (Alli 61'), Davies (70')
Red card Jonjo Shelvey (Newcastle)
EXPATS
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match info
Chelsea 2
Willian (13'), Ross Barkley (64')
Liverpool 0
Mohammed bin Zayed Majlis
Read more about the coronavirus
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Women & Power: A Manifesto
Mary Beard
Profile Books and London Review of Books
Founder: Ayman Badawi
Date started: Test product September 2016, paid launch January 2017
Based: Dubai, UAE
Sector: Software
Size: Seven employees
Funding: $170,000 in angel investment
Funders: friends
The distance learning plan
Spring break will be from March 8 - 19
Public school pupils will undergo distance learning from March 22 - April 2. School hours will be 8.30am to 1.30pm
Staff will be trained in distance learning programmes from March 15 - 19
Teaching hours will be 8am to 2pm during distance learning
Pupils will return to school for normal lessons from April 5
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
