Saudi energy giant, ACWA Power has commenced full commercial operations for its Al-Shuaibah 1 Solar Park Project—a 600-megawatt renewable energy initiative.
ACWA Power Secures Full-Scale Operation Certificate
ACWA Power has received official notification from the project company 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 1 Solar Park supports 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 which reported a solid 16% profit increase over the first nine months. This growth was primarily driven by expansion in its power and water production operations.
Net profit attributable to equity holders rose to SR1.25 billion ($334 million) compared to the same period in 2023 driven by a 12.5% increase in operating income which reached SR2.36 billion.
The performance was primarily fueled by strategic financial actions such as a restructuring-related investment profit and a capital recycling gain allowing ACWA Power to reinvest capital effectively to 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 like the Taiba and Qassim Combined Cycle Gas Turbine initiatives which aim 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 and 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 internationally, complementing its operational achievements.