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ACWA Power earmarks $10bn for South Africa’s renewables sector

REUTERS/Reem Shamseddine
Paddy Padmanathan, CEO of ACWA, said hydrogen was becoming an increasingly viable option

Saudi utility company ACWA Power is planning to invest $10 billion in renewables in South Africa over the next five years, Arab News has reported, citing CEO Paddy Padmanathan. 

The Saudi-listed company is likely to increase the pace of investments to $25 billion by 2030 if the South African government facilitates the opportunity, he added.

The company plans to invest over $5 billion in renewables and another $5 billion in hydrogen, the CEO said, adding South Africa needs to move faster in opening up and delivering these projects. 

ACWA Power has an investment portfolio worth $1.4 billion in South Africa, according to the report.

In June, Padmanathan said he was confident that hydrogen was becoming increasingly commercially viable. 

“We have the technological capability today to produce green ammonia at numbers that are way below $1,000 per tonne,” he said.

Renewable energy costs have come down while technology continues to improve, he added.

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