- ACWA Power’s CEO and MD talk financing and renewable energy
ACWA Power, a leading developer, investor, and operator of a portfolio of power generation and desalinated water production plants, will participate in the World Future Energy Summit (WFES) 2017. President & CEO Paddy Padmanathan and managing director Thamer Al Sharhan will examine Saudi Arabia’s power and water sectors — two segments headed for substantial growth in the coming years.
Under the vision of King Salman bin Abdulaziz Al Saud, Saudi Arabia will invest heavily outside upstream oil and gas industries, increasing the competitiveness of the power and water industries and reducing energy usage across the country. The KSA government is already getting ahead of its energy needs, with plans to integrate renewable energy into desalination projects and boost efficiencies in other energy-intensive industries.
During WFES, Mr. Padmanathan and Mr. Al Sharhan will weigh in on these changes during a conference segment that drills into the topics of the day. Mr. Padmanathan will take up the issue of renewable energy, laying out the kingdom’s financing options and mapping its avenues to cost mitigation and control. Mr. Al Sharhan will highlight how the kingdom can go beyond diversifying its energy mix to transforming it.
“Saudi Arabia is moving into renewable energy to inject greater longevity, affordability and accessibility into the power and water industries. This is an ambitious move, but the kingdom is ideally positioned to see this through,” said Mr. Padmanathan. “Renewable energy can provide approximately 40% of electricity in Saudi Arabia, and there are fiscally sound ways to achieve this. Using a model that ACWA Power has articulated over many years, developers and off-takers can set new tariff benchmarks and shore up capital at this important juncture.”
Mr. Al Sharhan will sit on an earlier Insights panel, where he will offer technical expertise. Commenting on the conference, he said, “WFES attracts prestigious international audiences, and am delighted to be able to address them on a panel of this calibre. The dynamics of power and water are changing Saudi Arabia, and what is happening—and will happen—there will be instructive for the rest of the world.”
This year’s World Future Energy Summit will be held during Abu Dhabi Sustainability Week, a global platform that addressing roadblocks to the acceleration and adoption of sustainable development and clean energy. WFES is devoted to questions of sustainable energy, energy efficiency and clean technology.