Why we need to decarbonate all human activities
By
- Do let the readers know you My name is Paddy Padmanathan. I am the President and CEO of a company called ACWA Power, headquartered out of the Kingdom of Saudi Arabia, but now operating in eleven countries. Our entire mission is to reliably deliver electricity and desalinated water at the lowest possible cost, on bulk basis, on long term, off take contracts. We typically serve government owned utility companies or energy intensive industrial enterprises. Our mission is to deliver electricity and desalinated water. So we are not there propagating anything specific; we are technology-neutral and fuel agnostic. We serve our customers and if a customer says use fuel/gas, we use gas. If the customer says use wind-power, we use wind-power. And in today’s world, clearly, there is a clear link between carbon emission and climate change.
- There is a report that the facility is the biggest in Africa. How true? Absolutely, correct. This facility which is already operating which is called NOOR 1 is 160 megawatts and three hours of storage. It is already the biggest solar plant in Africa. And now, we are building next to it, NOOR 2 and NOOR 3 (two more projects running simultaneously.) When completed at the end of 2017, the whole complex would produce 510 mega watts (during the day and seven hours at night.) Now, this complex would be the largest solar plant in the world and not just in Africa.
- How much was deployed to build the NOOR1 Complex? This particular complex has got $2.7billion investment in it. But the case of renewable energy is very straight forward. Of course, it costs a lot of money to build but once you have built it, the cost of operating and maintaining it; are minute. There is no fuel cost and it is very efficient. In whole life (lifetime) cost terms, it is very cost effective.
- What is the return on investment since a lot of funds have been ploughed into this project and since obviously, this is not charity? Obviously, this is not charity. Pertaining to this particular complex, we are very glad to benefit from a whole plethora of multi-national and bi-lateral donors but in this project, they are not donating any money. All of the money is coming in on commercial terms (full commercial terms.) And there is interest to be paid and capital needs to be repaid over twenty five years time. Our own equity investments, is that we have seventy percent plus ownership of the asset, our Moroccan government partner (MASEN) has twenty-five percent ownership and we also have some small investors. We have all got money in there and we are using it as a commercial venture (all of us are getting financial returns.) It is absolutely not different if it was going to be a coal-fire powered plant, no different if it was going to be a gas-powered plant.
- By next year 2017, the remaining plants would be completed and would become the biggest in the world? Yes. By the end of 2017, the whole complex would be ready and would become the biggest in the world.
- What is the percentage of the Moroccan population you are serving? When the whole complex comes online; it would be eight percent of the electricity supply of Morocco. We are just one plant (renewable energy is quite big.) Morocco has a very clear ambition and they are taking all the right steps to achieve it. By 2030, they want to have fifty two percent of their electricity coming from renewable energy sources. They are a full convert in accepting that renewable energy is the way forward and they (I believe overtime) would convert all their energy generation and fulfil their commitments in Paris. There is no doubt whatsoever; they are probably one of the front runners in this business.
Discover more from NewsBreakers
Subscribe to get the latest posts sent to your email.
What's your reaction?
Excited
0
Happy
0
In Love
0
Not Sure
0
Silly
0


