RIYADH: Saudi Arabian utility firm ACWA Power is eyeing to invest $10 billion in renewables including green hydrogen in South Africa over the next five years, revealed its CEO.
In an exclusive interview with Arab News on the sidelines of the Saudi-South African Investment Forum in Jeddah on Oct. 16, Paddy Padmanathan said that the company can increase the pace of investments to $25 billion by 2030 if the South African government facilitates the opportunity.
“We're happy to invest over 5 billion in renewables and we're happy to invest another $5 billion in hydrogen, or $10 billion…no issue. These are within the next five years. By 2030, for sure, 25 billion, it's very doable,” said Padmanathan.
He further noted that South Africa needs to move faster in terms of opening up and delivering these projects.
“We are very happy with the competitive tendering environment. It is just that the government must be followed through quickly and process the projects,” he added.
During the talk, Padmanathan added that ACWA Power has been operating in South Africa for the past 12 years with an investment portfolio worth $1.4 billion.
