Saudi Arabia’s ACWA Power expects to commence commercial operation in four projects worth 11.52 billion Saudi riyals ($3.1 billion) in the remaining two quarters of 2024, according to the company’s second quarter financial statement.

The projects are as follows:

  • The SAR 3.47 billion Sudair PV IPP will be operational in the fourth quarter of 2024 with a total production capacity of 1,500 megawatts (MW).
  • The SAR 5.97 billion Red Sea Project will start commercial operations in the third quarter 2024. It includes a 340MW solar power plant and 33 cubic metres per day (m3/day) desalination plant.
  • The SAR400 million Laylaa PV IPP with a capacity of 80MW and the SAR 1.69 billion Ar Rass PV IPP with 700 MW are expected to start operations in the fourth quarter.

The company achieved financial close for three projects with an aggregate total investment cost of nearly SAR 18 billion in the first half of 2024.

During the period, ACWA Power signed five power purchase agreements (PPAs) and two water purchase agreements (WPAs), adding 10.5 GW of renewable power and 0.4 million m3/day of water to its portfolio. Additionally, nearly 1.5 gigawatts (GW) of power and 76,000 m3/day of desalination capacity reached initial or plant commercial operations dates and became online.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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