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ACWA Power to close financing for NEOM project in 2022

Saudi-listed ACWA Power is expecting to close financing for its renewable project with The Red Sea Development Company (TRSDC) by end of the year, and its NEOM hydrogen project in the second half of next year.  The two projects, in addition to its ongoing developments in Sudair and Jazan, will have positive impacts on its earnings, Paddy Padmanathan, chief executive officer of ACWA Power, told Arab News.

Construction is in full swing for the project in Red Sea, with the company targeting partial operation by end of 2022, while real construction work for NEOM’s hydrogen plant is expected to start by early 2022, he added.

Sudair Solar PV project, the first project under PIF’s renewable energy program, is developed by a consortium with ACWA Power, SAPCO, a fully owned company of Aramco, and Badeel, a company fully owned by PIF.

Read the full story at Arab News