Saudi energy giant ACWA Power has commenced full commercial operations at its Al-Shuaibah 1 Solar Park, a 600-megawatt renewable energy initiative in the Kingdom.
ACWA Power Secures Full-Scale Operation Certificate
ACWA Power has received official notification that the Saudi Power Procurement Co. has issued the commercial operation certificate for the project’s full capacity, paving the way for full-scale production.
The Al-Shuaibah solar plant aligns with ACWA Power’s vision to advance the Kingdom’s renewable energy goals, highlighting its position as a key provider of sustainable energy solutions in the region. ACWA Power holds a 35.01% stake in the project and expects the financial impact of this milestone to be reflected in its Q4 2024 results.
ACWA Power Achieves 16% Profit Growth Amid Expansion
This accomplishment follows an exceptionally successful year for ACWA Power. The company reported a solid 16% profit increase over the first nine months, primarily driven by the expansion of its power and water production operations.
Net profit attributable to equity holders rose to SR1.25 billion ($334 million) from the same period in 2023. This growth was driven by a 12.5% increase in operating income to SR2.36 billion.
The performance was primarily fueled by strategic financial actions, including a restructuring-related investment profit and a capital recycling gain, allowing the company to reinvest capital effectively and drive further growth.
ACWA Power Secures SR31 Billion in Project Deals, Expands Investment Portfolio
The success of the Al-Shuaibah solar park highlights ACWA Power’s expanding investment and development portfolio. In the past nine months, the company has secured financial closure on seven major projects valued at a total of SR31 billion. These include projects in Saudi Arabia, such as the Taiba and Qassim Combined Cycle Gas Turbine initiatives, designed to improve the stability and efficiency of the Kingdom’s power grid.
Other recent projects include the Tashkent Solar PV project in Uzbekistan, reflecting ACWA Power’s broader commitment to renewable energy in Central Asia. Another key initiative is the Hassyan Seawater Reverse Osmosis plant in the UAE, designed to strengthen the country’s water security and desalination capacity.
ACWA Power has been expanding its global presence and investment footprint, complementing its operational achievements.