ACWA Power, a Saudi Arabian utility firm, plans to invest $10 billion in renewables, including green hydrogen in South Africa, over the next five years, according to its CEO.
The company can increase the pace of investments to $25 billion by 2030, according to Paddy Padmanathan, who spoke exclusively to Arab News on the sidelines of the Saudi-South African Investment Forum in Jeddah on October 16.
“We are happy to invest over $5 billion in renewable energy, and we are happy to invest an additional $5 billion in hydrogen, or $10 billion… no problem. These are within the next five years. By 2030, for sure, 25 billion. It’s very doable, “said Padmanathan.
He further noted that South Africa needs to move faster in terms of opening up and delivering these projects.
“The environment for competitive tendering has us very pleased. Just process the projects quickly and follow through with the government, “Added he.
In the course of the discussion, Padmanathan added that ACWA Power has been operating in South Africa for the previous 12 years and has a $1.4 billion investment portfolio.
