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ACWA Power Launches 700MW Solar Project in Saudi Arabia

ACWA Power's 700MW AlRass1 solar project in Saudi Arabia begins operations, set to power 132,000 homes. The project supports Saudi Arabia’s goal of 50 percent renewable energy by 2030.

August 20, 2024. By EI News Network

ACWA Power has successfully commissioned its 700MW AlRass1 solar photovoltaic (PV) project in Al Qassim province, Saudi Arabia. The project recently received its commercial operation certificate, marking the start of its power generation phase. Once fully operational, the plant is expected to supply electricity to approximately 132,000 homes in central Saudi Arabia, significantly contributing to the country’s renewable energy goals.

ACWA Power holds a 40.1 percent stake in AlRass Renewable Energy Company, which developed the project. The financial benefits of the plant are anticipated to be reflected in the company's financial results for the second half of the year. Badeel, a subsidiary of the Public Investment Fund, and China’s State Power Investment Corporation hold the remaining 20 percent and 39.9 percent stakes, respectively.

The AlRass1 project was established under a power purchase agreement signed in 2022, and its development aligns with Saudi Arabia’s objective to have renewables contribute at least 50 percent of its electricity mix by the end of this decade.

In addition to the AlRass1 project, ACWA Power’s global portfolio includes the 1.5 GW Sudair solar PV project in Saudi Arabia, the 200 MW Kom Ombo solar PV project in Egypt, and the 909,000m³ per day Al Taweelah desalination plant in the UAE.

The company is also raising SR7.13 billion (USD 1.9 billion) to support its strategy of tripling its assets under management by 2030. In July 2024, ACWA Power sold a 35 percent stake in its two Asian subsidiaries to China Southern Power Grid International as part of its expansion strategy.

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1.5 GW Sudair solar PV project

200 MW Kom Ombo solar PV project

AlRass Renewable Energy Company