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  • 17-10-22

    Chief executive: ACWA Power seeks to finance USD10B in renewables in South Africa

    (MENAFN) Saudi Arabian utility company ACWA Power is seeking to finance USD10 billion in renewables counting in green hydrogen in South Africa throughout the additional five years, as stated by its chief executive.

    In an exclusive meeting with Arab News on the offshoots of the Saudi-South African Investment Forum in Jeddah on the 16th of October, Paddy Padmanathan mentioned that the firm can boost the speed of funds to USD25 billion by the end of this decade if the South African administration eases the prospect.

    Padmanathan stated that “We're happy to invest over 5 billion in renewables and we're happy to invest another USD5 billion in hydrogen, or USD10 billion…no issue. These are within the next five years. By 2030, for sure, 25 billion, it's very doable.”

    He continued saying that South Africa wants to move quicker in terms of starting and delivering these ventures.

    “We are very happy with the competitive tendering environment. It is just that the government must be followed through quickly and process the projects,” he also mentioned.

    MENAFN17102022000045014228ID1105030826

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