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

• Saudi Arabian renewables developer ACWA Power uploaded solid H1 2022 results as it remains to divert its portfolio to renewables and low-carbon technologies.

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

The firm has been energetic throughout H1 2022 as well as has actually obtained preferred prospective buyer condition on 2 floating PV plants in Indonesia with an overall capacity of 110MWac and also has authorized a number of power acquisition arrangements (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 likewise preparing a solar bid for a tender in Uzbekistan with a complete capacity of 500MW.

Additionally, the renewables developer has expanded its commitment in green hydrogen by authorizing a joint advancement arrangement with Oman's energy team OQ as well as Air Products towards a multi-billion dollar financial investment for a green ammonia manufacturing facility in Oman.

The Saudi company has additionally authorized a US$ 900 million limited notification to proceed agreement in regard to the design procurement and construction (EPC) contract for a green hydrogen project in Saudi Arabia it is servicing in partnership with NEOM as well as Air Products.

Paddy Padmanathan, vice-chairman as well as CEO at ACWA Power, stated: "ACWA Power's monetary performance in the initial 6 months shows that our develop-invest-operate-optimise design is continuing to deliver durable results, also in unsettled times. We have expanded according to assumptions, working vigilantly to minimize geopolitical and worldwide monetary as well as supply chain disruptions."

The business's existing portfolio consists of 67 projects in operation, building or sophisticated development in 13 countries at the end of June 2022, with a complete capacity of 42.7 GW of which more than a 3rd (15.7 GW) came from renewables assets.

It expects a number of monetary closes during the second half of 2022 that will result in higher growth and construction management fees.