Saudi renewable energy powerhouse ACWA Power is eyeing investments of at least USD 10 bn in South Africa’s renewables in the coming five years, CEO Paddy Padmanathan told Arab News yesterday, in a conversation held on the sidelines of the Saudi-South African Investment Forum in Jeddah. At least USD 5 bn will be funneled into clean hydrogen alone, while total investment in South Africa’s renewables could reach USD 25 bn by 2030. The company’s current South African portfolio is worth USD 1.4 bn, he added.

ACWA has been making big plays this year beyond MENA: Most recently, ACWA Power signed three agreements in September for green energy investments totalling USD 12.4 bn with Uzbekistan. These include: a USD 2.4 bn wind farm, a USD 10 bn investment cooperation agreement to develop renewable energy and green hydrogen projects, and a roadmap for green hydrogen investment.

EGYPT’S TAQA GAVE COP CITY ITS LARGEST SOLAR POWER PLANT-

Sharm El Sheikh got its largest solar plant, courtesy of Egypt’s Taqa Arabia: Egyptian energy company Taqa Arabia completed a 20 MW solar plant in Sharm El Sheikh, in preparation for COP27, according to a company statement on Thursday. The EGP 250 mn plant is set to produce over 42 GWh annually. The project can supply electricity to over 6k hotel rooms, according to the statement. The plant, which was completed in four months, will power 30% of tourist neighborhood Nabq. Taqa Arabia, a Qalaa Holdings subsidiary, also invested in EV charging stations in the area, the statement notes. Tap or click here to read the full story in yesterday’s EnterpriseAM.

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