ACWA Power to showcase cutting-edge climate solutions at COP27 in Egypt as Platinum sponsor of the Climate Action Innovation Zone
Riyadh, Kingdom of Saudi Arabia, November 10, 2022: ACWA Power Company, a leading Saudi developer, investor, and operator of power generation, water desalination and green hydrogen plants worldwide, is joining the critical global debate on climate action through its participation at the annual COP27 meeting in Egypt. The company is participating in a number of strategic tie-ups in line with its ambition to drive energy transition globally. It is the platinum partner of the Innovation Zone within COP27, which is organised by the United Nations Framework Convention on Climate Change (UNFCCC), and strategic partner of the Hydrogen Transition Summit which is focused on accelerating the green economy to deliver on the clean energy transition goals.
From floods to forest fires, we are witnessing the impact of climate change as a collective, proving that global warming is one of the biggest, most critical challenges of our times. With COP27 being hosted for the first time in Africa, it’s a real opportunity for nations from the MENA and Asian regions to join in and contribute actively towards the global call for collaborative action, which is mainstay of this year’s event
“As a company that is at the forefront of the energy transition, and a key partner of the Climate Action Innovation Zone and Hydrogen Transition Summit, we are proud to showcase our transformative solutions in solar, wind, water and green hydrogen and share our implementation and impact story with leaders of the world,” he added.
ACWA Power’s global experts in renewables will be sharing their key insights through participating in over 30 panel sessions and discussions taking place at the Blue Zone, Innovation Zone, Hydrogen Transition Summit as well as the high-level Saudi Green Initiative, running on the side-lines of COP 27.
ACWA Power’s ‘Innovation Day’ – the company’s private event at COP 27 on 14th November will showcase how the company is ‘Innovatively Implementing Giga scale Projects Globally’. Joined by experts, the day’s agenda features panel sessions on the Neom Green Hydrogen Company (NGHC), of which ACWA Power, Air Products and NEOM are equal joint venture (JV) partners, building the world’s largest plant to produce green hydrogen at scale. Panel sessions will also focus on the pioneering water desalination technologies that are reducing energy consumption by over 70% - the session coincides with Water Day at COP 27.
ACWA Power has had a presence in Egypt since 2019, and has three renewable energy projects in the country: 120MW Benban project solar plant, the 200MW Kom Ombo solar plant and the 1.1GW Suez Wind Energy project, currently under development.
Since its inception in 2004 in Saudi Arabia, ACWA Power has pivoted from conventional power and water towards a low-carbon portfolio in 13 countries. Today, two-thirds of the company’s global assets comprise of low carbon or renewable energy projects. The company has set a net zero target for 2050.
As a part of its decarbonisation strategy, the company has committed to phasing out its carbon-intensive projects, resulting in the decommissioning of Al Shuaibah IWPP, an oil-fired facility, saving 9.5 million tonnes of carbon emissions a year.
Additionally, the company is involved in large renewable energy projects, including the 1.5GW Sudair PV IPP in Saudi Arabia, Shuaa Energy 3 in the United Arab Emirates, and the NOOro Complex in Morocco.
Awarded the largest single utilities contract by the Red Sea Development Company, an ACWA Power-led consortium is developing the region’s first tourism destination to be powered solely by renewable energy – the utilities supplied will include the provision of renewable power, potable water, wastewater treatment, solid waste management and district cooling for the 16 hotels, international airport and infrastructure that make up phase one of The Red Sea Project.
NGHC project, when commissioned in 2026, will produce up to 600 tonnes per day of green hydrogen. By that date, the project will mitigate the impact of 3 million tonnes of carbon dioxide per year.
In addition, ACWA Power, as part of a joint venture, also recently signed a Joint Development Agreement towards a multi-billion-dollar investment in a world-scale green hydrogen-based ammonia production facility powered by renewable energy in Oman; as well as two Memoranda of Understanding in South Korea with different industrial partners.
The company is also presently investigating the utility-scale implementation of Hydraulic Injection Water Desalination technology, which uses one-third less energy in producing water than the current industry benchmark in efficiency.