Saudi Arabia’s ACWA Power company is looking beyond its already ambitious plan to build a massive green hydrogen plant in NEOM, possibly adding as many as three more plants of a similar size and scale in the Kingdom, according to a scoop from Bloomberg.
Acwa has plans to develop two more projects adjacent to a $8.5 billion green hydrogen plant at Neom, a $500 billion new city on Saudi Arabia’s north-west coast, chief executive officer Paddy Padmanathan said in an interview with Bloomberg. The company is also looking at another location, betting that demand for the fuel will rise as governments and companies accelerate plans to reduce their carbon emissions, he told Bloomberg’s Matthew Martin.
“Acwa Power itself can do five of these projects without blinking,” Padmanathan said. “Now that we have financially closed the first one, we are looking in parallel to two others.”
Green hydrogen is made when wind and solar power are used to split water atoms. The fuel’s seen as crucial to the clean-energy transition in the coming decades.
