Leading Saudi company in the energy sector is ACWA Power. It has experience across the world in power production, water desalination, and green hydrogen plants.
Beginning in March, ACWA announced a partnership with Samruk-Kazyna, Kazakhstan’s sovereign wealth fund, for the development of a 1GW wind energy and battery storage project inside the Central Asian nation.
By this project, ACWA Power will enter Kazakhstan with a US$1.5 billion initial investment.
Kazakhstan has developed a plan for its growth until 2050. By 2050, it hopes to have the country ranked among the top 30 economies in the world, having set the road for long-term economic growth. Sustainability is Kazakhstan’s top concern, and the country is concentrating on meeting 50% of its energy needs using green and alternative energy sources by 2050.
The company has also inked a memorandum of understanding (MoU) with the energy ministry of Azerbaijan that calls for the creation of a battery energy storage system as well as implementation contracts for 1GW and 1.5GW of onshore and offshore wind, respectively.
The company has capacity and is managing 6.4 million cubic metres of water in total across 16 projects in four nations.
Moreover, the Republic of Uzbekistan and ACWA have inked arrangements to build a green hydrogen factory there.
Despite having large oil reserves, Saudi Arabia has been focusing more on renewable energy sources recently. The nation has set goals to lessen its reliance on oil for the production of power and boost the proportion of renewable energy in its energy mix.
The National Renewable Energy Program (NREP), a new programme announced by the Saudi government in 2019, intends to boost the proportion of renewable energy in the nation’s energy mix to 27.3% by 2024 and 50% by 2030.
With the abundance of sunshine in Saudi Arabia, solar energy is anticipated to play a big part in the country’s renewable energy mix. The nation has already started a number of major solar energy projects, some of the biggest in the whole globe.
On the Tadawul stock market in Saudi Arabia, ACWA is a publicly traded firm. The company’s financial results for FY 2022 are strong. Operational income increased by 14% year over year to SAR2,614 million in 2022, while net profit increased by 103% year over year to SAR1,540 million.