Sharm El-Shaikh, Egypt – 08 October 2023: Saudi-listed ACWA
Power, the world’s largest private water desalination company,
leader in energy transition and first mover into green hydrogen,
has reiterated the need for strong collaboration between public
and private sector players to speed up the transition to clean
energy and water generation at the Asian Infrastructure
Investment Bank’s (AIIB) eighth Annual Meeting in Sharm El-
Shaikh, Egypt.
Held under the patronage and presence of the Egyptian President
Abdel Fattah El-Sisi, the event brought together members,
partners, business leaders, civil society organisations and industry
experts to discuss investments aligned with sustainable economic
growth. ACWA Power was represented at the event by
Abdulhameed Al Muhaidib, Chief Financial Officer and Sarah Al
Harthey, Executive Manager of Business Development.
Speaking during a panel discussion at the event titled ‘Energy
Transition in the Middle East – Challenges and Opportunities’, Al
Muhaidib said that the robust approach to PPPs taken by
governments in the Middle East has enabled the rapid scaling up
of low-carbon power generation and efficient water desalination
projects.
Al Muhaidib highlighted how the region is one of the fastest
growing when it comes to sustainable energy projects, discussing
how the appetite for green projects has pushed ACWA Power to
raise the bar with competitive tariff rates on its projects. For
instance, ACWA Power has reduced tariff rates on its solar PV
projects by over 80% in just eight years.
“We expect this appetite to ramp up even further in the coming
years as governments realise the additional economic benefits of
changing their energy mix beyond the climate and environmental
ones,” he added.
During the session, Al Muhaidib also discussed the role of projects
such as the US$8.5 billion NEOM Green Hydrogen Project in
accelerating the pace of energy transition and how collaboration
with government entities and offtakers is key in enabling such
developments.
“Another area for consideration is water desalination, a sector
that ACWA Power is deeply committed to,” said Al Muhaidib. “It is
part of our strategic mission to provide water in an affordable and
sustainable manner, which has seen us reduce the amount of
energy consumption per cubic metre of water by 87% in the past
decade.”
ACWA Power has also delivered some of the lowest water tariffs
globally, most recently submitting the lowest water levelised tariff
rate in the world for the Hassyan Seawater Reverse Osmosis
(SWRO) facility in Dubai.
In parallel, the event saw Sarah Al Harthey participate in a flagship
seminar titled ‘Raising the Ambition to Meet the Climate
Challenge: Mobilisation of Resources for Climate Finance’, where
she discussed the devastating impacts of climate change on the
Global South, and how it is essential to mobilise resources to
implement projects that enable energy transition.
Over the coming months, ACWA Power will continue to pursue
new opportunities and partnerships that align with its mission of
delivering power and water in an affordable and accessible
manner, with the least possible impact on the environment.
