Saudi Arabia’s Acwa Power is targeting about 120 gigawatts of power-generating capacity in the next 10 years with a presence in 20 countries, and it plans to raise more money through the issuance of a bond at the end of this year or early next year to fund its growth plans.
The Riyadh-listed company is active in 13 countries with a power generation capacity of about 43 gigawatts, with 37 per cent of the total capacity being renewables. The company aims to take the total renewable capacity to 70 per cent in the next decade, with the rest consisting of the gas portfolio, according to its chief financial officer.
“To grow our portfolio, we are looking at a pipeline of 20 countries in the next 10 years … the new countries will be mainly in Africa and Asia including South-East Asia and Central Asia,” Abdulhameed Al Muhaidib told The National on the sidelines of the Water, Energy, Technology and Environment Exhibition in Dubai on Tuesday.
Acwa Power announced a number of new projects this year as it continues to boost its energy portfolio globally.
Last month, the company signed $12 billion worth of agreements to develop new energy projects in Uzbekistan, including the world’s largest single onshore wind project, with a total capacity of 1.5 gigawatts, in the Karakalpakstan region of the country.
It was also selected as the preferred bidder to develop two solar plants in Indonesia, South-East Asia's largest economy, and is leading a consortium to establish a 1.1-gigawatt wind project worth $1.5bn in Egypt.
“We tend to spend time exploring the market before we go there ... we are targeting capacity of at least five to six gigawatts to grow in each country … otherwise, it does not make commercial sense for us,” Mr Al Muhaidib said.
Acwa Power, which raised 2.8bn Saudi riyals ($746 million) through the issuance of a sukuk last year, is looking to raise more money this year to fund its pipeline of projects.
“Last year, it was tranche one of the [sukuk] programme and we did not announce when tranche two would be launched. Today, we are foreseeing the second tranche of the same programme ... [5bn riyals sukuk] could be [brought to the market] by the end of this year or beginning of the next year," he said.
It will raise “more or less” the same amount equivalent to the tranche one, he added.
Acwa Power signed a preliminary agreement with France's Natixis Corporate and Investment Banking last year to secure financing of up to $2bn for its renewable projects.
The utility developer reported 743.9m riyals in net profit last year, down 17.5 per cent compared to 2020, mainly owing to its recognition of some share-based payments related to its initial public offering and an impairment loss.
However, Acwa Power's second-quarter net profit attributed to equity holders of the parent jumped 27 per cent to nearly 389.9m riyals amid the launch of new projects. It expects better financial performance this year compared to the previous year as it continues to boost its energy portfolio.
“We always target better [financial performance],” Mr Al Muhaidib said, without divulging details.
Acwa Power is bullish on hydrogen as demand for clean fuel increases globally amid the energy transition. The company is developing a $5bn green hydrogen facility in Saudi Arabia’s Neom city in partnership with US-based Air Products and Neom. It is also teaming up with Oman’s OQ energy company and Air Products to create a multi-billion-dollar green hydrogen-based ammonia production unit in Oman's Salalah Free Zone.
“Green hydrogen is part of our growth story, so we have formally added that together with power and water,” Mr Al Muhaidib said, adding that the company is exploring new hydrogen opportunities in Egypt and Morocco.
Acwa Power, which raised $1.2bn from its listing last year, also aims to become carbon neutral by 2050 and “took out coal completely” from its portfolio this year, Mr Al Muhaidib said.
UAE’s Hassyan power project was converted into a natural gas plant. Another coal-powered project in Vietnam, which was in the advanced stage of development, was discontinued amid concerns about climate change.
Saudi Arabia's sovereign wealth Public Investment Fund is the biggest shareholder in Acwa Power, with a 44 per cent stake. It also has seven other stakeholders, including the Saudi Public Pension Agency.
MATCH INFO
Barcelona 2
Suarez (10'), Messi (52')
Real Madrid 2
Ronaldo (14'), Bale (72')
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
MATCH INFO
Uefa Champions League, Group C
Liverpool v Red Star Belgrade
Anfield, Liverpool
Wednesday, 11pm (UAE)
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Francesco Totti's bio
Born September 27, 1976
Position Attacking midifelder
Clubs played for (1) - Roma
Total seasons 24
First season 1992/93
Last season 2016/17
Appearances 786
Goals 307
Titles (5) - Serie A 1; Italian Cup 2; Italian Supercup 2
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
ACL Elite (West) - fixtures
Monday, Sept 30
Al Sadd v Esteghlal (8pm)
Persepolis v Pakhtakor (8pm)
Al Wasl v Al Ahli (8pm)
Al Nassr v Al Rayyan (10pm)
Tuesday, Oct 1
Al Hilal v Al Shorta (10pm)
Al Gharafa v Al Ain (10pm)
Biography
Favourite book: Zen and the Art of Motorcycle Maintenance
Holiday choice: Anything Disney-related
Proudest achievement: Receiving a presidential award for foreign services.
Family: Wife and three children.
Like motto: You always get what you ask for, the universe listens.
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
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Empty Words
By Mario Levrero
(Coffee House Press)
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Results
5pm: Wadi Nagab – Maiden (PA) Dh80,000 (Turf) 1,200m; Winner: Al Falaq, Antonio Fresu (jockey), Ahmed Al Shemaili (trainer)
5.30pm: Wadi Sidr – Handicap (PA) Dh80,000 (T) 1,200m; Winner: AF Majalis, Tadhg O’Shea, Ernst Oertel
6pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m; Winner: AF Fakhama, Fernando Jara, Mohamed Daggash
6.30pm: Wadi Shees – Handicap (PA) Dh80,000 (T) 2,200m; Winner: Mutaqadim, Antonio Fresu, Ibrahim Al Hadhrami
7pm: Arabian Triple Crown Round-1 – Listed (PA) Dh230,000 (T) 1,600m; Winner: Bahar Muscat, Antonio Fresu, Ibrahim Al Hadhrami
7.30pm: Wadi Tayyibah – Maiden (TB) Dh80,000 (T) 1,600m; Winner: Poster Paint, Patrick Cosgrave, Bhupat Seemar
The%20specs%3A%20Taycan%20Turbo%20GT
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Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
THE%20HOLDOVERS
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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Killing of Qassem Suleimani
Killing of Qassem Suleimani
INFO
SPECS
Mini John Cooper Works Clubman and Mini John Cooper Works Countryman
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How being social media savvy can improve your well being
Next time when procastinating online remember that you can save thousands on paying for a personal trainer and a gym membership simply by watching YouTube videos and keeping up with the latest health tips and trends.
As social media apps are becoming more and more consumed by health experts and nutritionists who are using it to awareness and encourage patients to engage in physical activity.
Elizabeth Watson, a personal trainer from Stay Fit gym in Abu Dhabi suggests that “individuals can use social media as a means of keeping fit, there are a lot of great exercises you can do and train from experts at home just by watching videos on YouTube”.
Norlyn Torrena, a clinical nutritionist from Burjeel Hospital advises her clients to be more technologically active “most of my clients are so engaged with their phones that I advise them to download applications that offer health related services”.
Torrena said that “most people believe that dieting and keeping fit is boring”.
However, by using social media apps keeping fit means that people are “modern and are kept up to date with the latest heath tips and trends”.
“It can be a guide to a healthy lifestyle and exercise if used in the correct way, so I really encourage my clients to download health applications” said Mrs Torrena.
People can also connect with each other and exchange “tips and notes, it’s extremely healthy and fun”.
Killing of Qassem Suleimani
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
