Acwa Power has commissioned the 700MW AlRass1 solar photovoltaic (PV) project in Saudi Arabia.
The AlRass1 Solar Photovoltaic Project has commenced power generation following the receipt of a commercial operation certificate from the off-taker.
ACWA Power, which holds a 40.1% stake in AlRass Renewable Energy Company, revealed that the financial impact of the plant would be reflected in the second half of the year.
Badeel, a subsidiary of the Public Investment Fund, and China’s State Power Investment hold the remaining 20% and 39.9% stakes, respectively.
The project, situated in Al Qassim province, was established following a power purchase agreement signed by ACWA Power in 2022.
The plant is expected to supply electricity to approximately 132,000 homes in central Saudi Arabia, once fully operational.
Saudi Arabia is actively diversifying its energy mix, aiming to have renewables contribute at least 50% of its electricity by the decade's end, Arab News reported.
The company noted that it is supporting Saudi Arabia's green transition, with a global expansion strategy focusing on high-growth economies.
The company has plans to raise SR7.13bn ($1.9bn) in capital to support its strategy of tripling its assets under management by 2030.
The company's operational project portfolio includes several key assets, such as the 1.5GW Sudair solar PV in Saudi Arabia, the 200MW Kom Ombo solar PV in Egypt, and the 909,000m³ per day Al Taweelah desalination plant in the UAE.
In July 2024, ACWA Power sold a 35% stake in its two Asian subsidiaries, ACWA Power Bash Wind Project Holding and ACWA Power Uzbekistan Wind Project Holding, to China Southern Power Grid International.
