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Monday, 28 November 2022

Acwa Power continues South East Asian expansion

Acwa Power eyes up more projects in Indonesia: Saudi Arabia’s Acwa Power signed an MoU with Indonesia’s state-owned electricity company, PT Perusahaan Listrik Negara (PLN), to develop renewable energy battery storage facilities and green hydrogen, according to a statement. Under the MoU, Acwa Power and PLN will look at several areas of partnership — including a possible 4 GW battery storage system and a hydroelectric-powered green hydrogen or green ammonia facility, the statement notes. The two sides will also study a project for a 600-800 MW pumped storage hydroelectricity facility.

Acwa Power has been investing heavily in a southeast Asian expansion: Acwa Power will establish a USD 7 bn green hydrogen and derivatives production project in Thailand, targeting the production of 225k tons of green hydrogen annually, it announced last week. The Tadawul-listed company was also recently tapped by PLN to develop two floating solar PV solar projects worth USD 105 mn earlier this month. Indonesia and Thailand are two markets the Saudi renewable energy company is tapping into as part of its global expansion, Acwa CEO Paddy Padmanathan said last month.


Acwa Power subsidiary increases cashbond purchases: Acwa Power subsidiary Acwa Power Management and Investments One (APMIOne) is increasing the maximum amount of the cashbonds it’s purchasing on the Irish Stock Exchange to USD 428 mn — up from an initial maximum amount of USD 400 mn — according to a Tadawul filing last week. Acwa Power’s senior secured bonds — issued in 2017 and due in 2039 — had a pre-amortization aggregate principal amount of USD 814 mn, the company noted in an early-November Tadawul filing, when it announced APMIOne’s tender offer to purchase the bonds. The tender offer was designed to reduce APMIOne’s debt service obligations, the filing noted.


Acwa will begin studying green hydrogen investments in Egypt, Vice Chairperson and CEO Paddy Padmanathan told Daily News Egypt last week. The company is already looking to invest USD 10 bn in Egypt — mainly through its massive on-shore 10 GW wind farm with Hassan Allam Holding — and green hydrogen projects could “greatly enlarge” these investments, he added. Some USD 1 bn will be deployed in 2023, while USD 3 bn will be invested each year from 2024-2026. Acwa is also negotiating loans and financing support from Egyptian banks to finance its local projects.

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