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According to the second quarter and first-half 2022 investor report, Saudi Arabia’s ACWA Power is preparing a bid for the Amaala Utilities Public-Private Partnership Project. This will be used to support the Amaala giga-tourism initiative on the Red Sea coast.
According to the report, Vice Chairman and CEO Paddy Padmanathan said that the company is currently in the bid preparation stage for the 500-megawatt solar photovoltaic Independent Power Plants project in Uzbekistan as well as the 600,000 cubic meters per day Rabigh 4 Independent Water Plant project in Saudi Arabia.
The Tadawul-listed firm has also submitted an evaluation proposal for the Saudi sovereign wealth fund Public Investment Fund to develop the next mega projects within the Fund’s pipeline of renewable energy deployment.
ACWA Power is a member of the consortium that developed the 1,500 MW Sudair solar plant. This project is a key one under the PIF’s Renewable Energy Programme.
Padmanathan stated that ACWA Power is closing in on signing the engineering procurement and construction contract and completing the financial close stages for the world’s largest green hydrogen production project in NEOM. This will be completed in the fourth quarter of 2022.
The NEOM Green Hydrogen Company was a joint venture of ACWA Power, Air Products, and NEOM. It had signed a $900million Limited Notice to Proceed agreement in the first quarter to start construction.
According to the report, the war-related circumstances in Russia-Ukraine have affected five projects currently in progress: the 1,500 MW Sirdarya CCGT IPP under construction in Uzbekistan, and 500MW Dzhankeldy in Uzbekistan, as well as the 100MW Nukus Wind IPPs of Uzbekistan, the 500MW Bash, and the 240MW Wind IPP for Azerbaijan.
Our EPC contractor faces the most difficult problem in moving the gas turbines and wind turbines from the place of manufacture to the country of use. All stakeholders must engage in active engagement to find solutions. These include flexibility for project deadlines, and instituting inter-governmental schemes to facilitate goods movement and we believe that we will not experience significant delays in either the financial closes of advanced-development projects in the fourth quarter of 2022 or in the commercial operation date in Sirdarya 2024.