ACWA Power, which is partially owned by the PIF sovereign wealth fund of Saudi Arabia, plans to issue green bonds to fund some of the renewable energy projects starting next year, according to its CEO. According to ACWA Power’s CEO Paddy Padmanathan, the company has already qualified five projects for green finance, which collectively will require slightly under $10 billion in funding.
“From the standpoint of a bond, you must have running assets in order to show earnings in order to complete the bond. As a result, we’ll get there “On the margins of a finance event in Riyadh, he stated. “There’s a lot of possibilities for us to look at green bonds with this portfolio, and we’ll absolutely be looking at it through 2022 and beyond.”
ACWA Power announced earlier this month that it plans to generate up to around $1.2 billion in the initial public offering (IPO) which will be the largest in the Saudi Arabia since market entrance of the oil giant Aramco, the globe’s largest IPO. Sudair Solar PV, which is a 1.5-gigawatt facility that is the very first under Public Investment Fund’s (PIF) renewables initiative, was founded last month by ACWA and a consortium.
ACWA was joined in the partnership by the PIF-possessed Water & Electricity Holding Company (Badeel) as well as Aramco, through a subsidiary. The project, valued at $907 million, will become one of the world’s biggest single-contracted solar photovoltaic facilities and the largest in Saudi Arabia, according to ACWA.
ACWA Power is a desalinated water production facility and power generation developer, investor, co-owner, and operator with operations in ten countries across North Africa and the Middle East, Southern Africa, and Southeast Asia. With an investment value of more than USD 33 billion, ACWA Power’s portfolio can generate more than 22 GW of power and 2.5 million m3/day of the desalinated water, which will be delivered in bulk to state utilities as well as industrial giants under long-term off-take deals under Public-Private-Partnership, Concession, and Utility Services Outsourcing models (BOO/BOOT). Its energy portfolio comprises coal pollution mitigation, effectively combined cycle power facilities, solar (Photovoltaic PV) and Concentrated Solar Power (CSP), geothermal, wind, waste-to-energy (WtE), and waste-to-energy (WtE).
ACWA Power has regional headquarters in Rabat, Johannesburg, Dubai, Istanbul, Cairo, Hanoi, and Beijing, as well as its headquarters in Saudi Arabia. It owns, develops, co-owns, and runs 32 facilities across three continents, with a combined capacity of 22.8 GW of power and 2.5 million m3/day of the desalinated water. Over 3,000 individuals work for ACWA Power and its affiliate operating firms on projects in 11 countries.