ACWA Power set to expand power generation capacity with $35bn investment in next five years
The Saudi Arabia-based power generation company, ACWA Power, has confirmed plans to increase its water desalination and power generation capacity and grow during the next five years with investments valued at approximately $35bn, according to Trade Arabia.
As the quickest growing power and water developer in the Middle East and Africa, the company is expected to enter newer territories as part of its new growth strategy.
Speaking at the World Future Energy Summit (WFES) as part of the Abu Dhabi Sustainability Week, Paddy Padmanathan, President and CEO, said: “We have already chalked out our next plan of action which will see Acwa Power enter 25 countries in a big way by 2025.”
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The company launched discussions with stakeholders in the sector in order to highlight its commitment to offering electricity and desalinated water quickly, safely and reliably at a reduced cost.
The event, which primarily centred around renewable energy, saw Acwa Power’s participation in a range of high-profile panel discussions and strategic solutions which aimed to solve the world’s energy and water challenges.
Padmanathan added: “Electricity has always been driven by fossil fuels. Although constantly fluctuating, 75% of the cost of electricity generation is from fossil fuel. For the first time, we have the capacity to use the power of the sun and wind at no fuel cost and price oscillation.”
Toyota unveils electric van and Volvo opens fuel cell lab
Toyota is launching its first zero emission battery electric vehicle, the Proace Electric medium-duty panel van, across Europe.
The model, which offers a choice of 50 or 75kWh lithium-ion batteries with range of up to 205 miles, is being rolled out in the UK, Denmark, Finland, France, Germany, Italy, Spain and Sweden.
At present, alternative fuel vehicles (AFVs, including battery electric vehicles) account for only a fraction – around 1.8 per cent – of new light commercial van sales in the UK, but a number of factors are accelerating demand for practical alternatives to vans with conventional internal combustion engines.
Low and zero emission zones are coming into force to reduce local pollution and improve air quality in urban centres, at the same time as rapid growth in ecommerce is generating more day-to-day delivery traffic.
Meanwhile the opening of Volvo's first dedicated fuel cell test lab in Volvo Group, marks a significant milestone in the manufacturer’s ambition to be fossil-free by 2040.
Fuel cells work by combining hydrogen with oxygen, with the resulting chemical reaction producing electricity. The process is completely emission-free, with water vapour being the only by-product.
Toni Hagelberg, Head of Sustainable Power at Volvo CE, says fuel cell technology is a key enabler of sustainable solutions for heavier construction machines, and this investment provides another vital tool in its work to reach targets.
"The lab will also serve Volvo Group globally, as it’s the first to offer this kind of advanced testing," he said.
The Fuel Cell Test Lab is a demonstration of the same dedication to hydrogen fuel cell technology, as the recent launch of cell centric, a joint venture by Volvo Group and Daimler Truck to accelerate the development, production and commercialization of fuel cell solutions within long-haul trucking and beyond. Both form a key part of the Group’s overall ambition to be 100% fossil free by 2040.