Saudi acquisition of Newcastle isn’t just about profits
ACWA Power will use stock market liquidity to develop green hydrogen projects, president said
DJEDDAH: ACWA Power will invest capital raised during its stock market debut in renewable energy, water desalination and green hydrogen projects, said company chairman Mohammad Abunayyan
The Riyadh-based company, of which the Saudi sovereign fund (PIF) holds 44%, saw its shares jump 30% when trading on the Saudi Stock Exchange (Tadawul) opened on Monday.
The market value of the company increased by $ 3 billion in the first few minutes of trading, Al-Arabiya reported.
In an interview with Al-Arabiya, Abunayyan said, âJust as Saudi Arabia has always led the way in energy production, today it will also be the leader in green energy production.
Regarding green hydrogen, he added: âThe demands are very high and beyond our capabilities, but we are committed to what we can handle and focus on sustainability. “
The newly listed company operates in 13 countries around the world, managing projects of around SR 66 billion.
Two weeks ago, ACWA Power announced a new project with Saudi Arabian oil company Aramco, worth SR 45 billion.
âWe are in the stages of financial close and the launch of the project will begin soon,â Abunayyan said in an interview with CNBC Arabia.
He added that the company’s water desalination and renewable energy plants are also in high demand, as ACWA Power is considered the world’s leading producer of water desalination.
âApproximately 81 million entities use ACWA Power’s electricity around the world and 41 million entities use our water desalination,â he said.