ACWA Power cemented its position as a leading sustainability enabler in the region through its participation as WFES and engaged with stakeholders in the industry to highlight its commitment to producing electricity and desalinated water efficiently, reliably, and safely at low cost. ACWA Power continuously supports the vision and foresight of the United Arab Emirates in bringing together the principal actors from all over the world to create awareness, foster debate, and catalyse action that can help guide to the path of sustainable, secure and prosperous future.
The four-day event, which focused on renewable energy, saw ACWA Power’s participation in a number of high-profile panel discussions, where conversations around a sustainable financial economy, and strategic solutions in solving the world’s energy and water challenges were discussed.
Highlighting the world’s underestimation of the paradigm shift that renewable energy is capable of delivering, Paddy Padmanathan, President and CEO of ACWA Power, disclosed that ACWA Power plans to expand into 25 countries by 2025 and aims to double its water desalination and power generation capacity in the next five years with investments estimated at $35 billion.
Comparing costs of renewable to traditional energy sources, Padmanathan said: “Electricity has always been driven by fossil fuels. Although constantly fluctuating, 75% of the cost of electricity generation is from fossil fuel.
ACWA Power plans to expand into 25 countries by 2025 and aims to double its water desalination and power generation capacity in the next five years
“For the first time, we have the capacity to use the power of the sun and wind at no fuel cost and price oscillation. Therefore, we are able to generate electricity and fix prices for the next 25 to 35 years by spending money upfront and collecting it back overtime. Fixed costs play an extremely important role in the future of renewable energy deployment. Renewable energy remains the most competitive form of power generation in the GCC due to lower costs; economic diversification to supply demand; and the region’s commitment to diversify energy sources.”
Stemming from its commitment to provide power and water to the region, and its contribution towards the Saudi Vision 2030, ACWA Power also highlighted its growing efforts in the Kingdom to utilize renewable energy as the primary resource to generate power and facilitate the entry of local investors and developers to the Saudi market to ignite the renewables growth.
Ishaq Al Hammadi, Country Managing Director - UAE, and Abdelhameed AlMuhaidib, Executive Managing Director of Noor Energy 1, escorted HE Khalid Al-Falih, Minister of Energy, Industry and Mineral Resources of Saudi Arabia and H.E. Mohammed Al Tuwaijri, Minister of Economy and Planning of Saudi Arabia on a tour of the ACWA Power and Saudi pavilion to showcase the sustainable national efforts.