‎ACWA Power sees significant project progress in H1 2022, NEOM green hydrogen to reach final stages by Q4 2022

‎ACWA Power sees significant project progress in H1 2022, NEOM green hydrogen to reach final stages by Q4 2022

ACWA Power reported significant progress in project development in H1 2022 and expected the financial close of the NEOM green hydrogen project to reach its final stages by Q4 2022, the company said in its Q2 2022 investor report.

The company submitted proposals for the next mega renewable energy projects in the Public Investment Fund’s (PIF) renewable energy deployment pipeline.

The company described the plant outages as “undesirable,” driven increasingly by the failure of equipment supplied by world-renowned original equipment manufacturers (OEMs). It also reported a high-power generation and water desalination during the six-month period but still lower than its forecasts.

Therefore, ACWA Power initiated a digital transformation drive, which will support the reliability of supply by using technology more efficiently than today.

ACWA Power expected no significant delay in targeted financial closes until year-end, indicating possible additional associated costs though they may not result in material deviations from their base case projections.

The utility services provider reported a net profit of SAR 541.7 million in H1 2022, up 21%, from SAR 446.9 million in the previous year.

ACWA Power reported a net profit of SAR 541.7 million for H1 2022, up by 21% year-on-year (YoY).