ACWA Power said that the 600-megawatt (MW) Al Shuaibah 1 solar photovoltaic (PV) power plant has received a commercial operation certificate from Saudi Power Procurement Company (SPPC).

The company expects the financial impact of operating the station to be reflected during the fourth quarter of 2024, the company said in a statement to the Saudi stock exchange on Wednesday.

In August 2023, the consortium of ACWA Power, Water and Electricity Holding Company (Badeel) and Saudi Aramco announced the financial closure of Al Shuaibah 1 and 2 Independent Water and Power Projects (IWPPs), with a combined capacity of over 2.6 gigawatts (GW).

SPPC is the principal buyer, responsible for tendering the projects and purchasing the power generated.

Ownership of Al Shuaibah 1 and 2 IWPPs is divided among ACWA Power (35.01 percent), Badeel (34.99 percent) and Aramco (30 percent).

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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