Arab Press

بالشعب و للشعب
Friday, Aug 22, 2025

ACWA Power signs MoU to back Thailand’s decarbonization journey 

ACWA Power signs MoU to back Thailand’s decarbonization journey 

Saudi Arabia-based energy company ACWA Power has entered into an agreement to support Thailand’s decarbonization ambitions through a green hydrogen and derivatives development project.
The firm signed a memorandum of understanding with PTT Public Co. Limited, Thailand’s national integrated energy company; and the Electricity Generating Authority of Thailand, an electric power-related state-owned enterprise, according to a press release.

As part of the terms of the MoU, ACWA Power, PTT, and EGAT will begin collaborating exclusively on a comprehensive plan to establish large-scale, renewable-powered green hydrogen and derivatives production facilities in Thailand for local energy consumption and global market export purposes.

With an estimated investment of $7 billion, the Southeast Asian country is targeting hydrogen production of around 225,000 tons annually which is equivalent to 1.2 million tons of green ammonia yearly.

Paddy Padmanathan, vice chairman and CEO of ACWA Power, said: “We are excited at the prospect of supporting green hydrogen and derivatives exploration and advancement in Thailand, a nation that shares our vision for reliably and responsibly delivering clean energy that drives the sustainability agenda and complements essential climate action worldwide.”

Thailand is aiming to use green hydrogen as an alternative energy source in the upcoming years in an attempt to fulfill its vow of achieving carbon neutrality by 2050 and net zero emissions by the year 2065, the press release said.

Moreover, it added that using green hydrogen will help in supporting emissions abatement imperatives and in building a low-carbon circular economy at a domestic level.

ACWA Power has been expanding its portfolio rapidly, with its asset hitting $75 billion as it posted a 110 percent profit jump in 2022 so far, according to Padmanathan.

The company is set to reach assets of $230 billion by 2030, the executive told CNBC Arabia.

While the firm’s current capacity currently stands at 42 gigawatts, he said there exists the capacity to increase the volume by up to three times to reach 150 gigawatts.

Currently, the company produces 6 million cubic meters of desalinated water, but that figure is estimated to hit 15 million cubic meters by 2030, Padmanathan revealed.

ACWA Power, which is part-owned by Saudi Arabia’s Public Investment Fund, is also currently producing up to 240,000 tons of green hydrogen, he added.

A recent bourse filing revealed the energy giant’s profits reached SR883.4 million ($235.1 million) during the first nine months of 2022, up from SR419.9 million during the same period last year.

The rise was driven by lower costs of development, provisions, and write-offs during the current period.

It was also attributed to robust growth in ACWA Power’s operating income before impairment and other expenses, as well as lower profit on account of one-off or non-routine expenses during the same period in the year prior, according to a statement.

Operating income in the nine-month period was SR1.8 billion, an 11 percent increase of SR189 million, compared to the same period last year, which was achieved despite plant outages in four facilities.
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Trump Backs Putin’s Land-for-Peace Proposal Amid Kyiv’s Rejection
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
United States Sells Luxury Yacht Amadea, Valued at Approximately $325 Million, in First Sale of a Seized Russian Yacht Since the Invasion of Ukraine
Saudi Arabia accelerates renewables to curb domestic oil use
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
Sam Altman challenges Elon Musk with plans for Neuralink rival
Australia to Recognize the State of Palestine at UN Assembly
The Collapse of the Programmer Dream: AI Experts Now the Real High-Earners
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
Germany Enters Fiscal Crisis as Cabinet Approves €174 Billion in New Debt
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Russia Formally Recognizes Taliban Government in Afghanistan
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Germany Seeks Taliban Deal to Deport Afghan Migrants
Emirates Airline Expands Market Share with New $20 Million Campaign
Robots Compete in Football Tournament in China Amid Injuries
×