Riyadh-based ACWA Power has received commercial operation certifications for three large-scale solar projects in Saudi Arabia.
According to the company’s listing on Saudi exchange platform Tadawul, each certificate was received via project companies responsible for each individual project.
The first certificate covers 1 GW of the 2 GW ArRass2 PV project located in the Qassim region of central Saudi Arabia, issued to project company Nawwar Renewable Energy Co.
Meanwhile, the SAAD 2 PV project company, responsible for the SAAD 2 Solar PV project, has been granted its second commercial operation certificate covering 365.7 MW, taking the project to its full operating capacity of 1,125 MW.
The certifications are rounded of by an initial commercial operation certificate issued to project company Ishaa Renewable Energy Co. for the full capacity of the 1,425 MW Al Kahfa Solar PV project located in Hail, northwestern Saudi Arabia.
The three newly issued certificates have a combined capacity of 2.79 GW.
ACWA Power holds a 50.1% stake in each of the three project companies. Under each filing, ACWA Power said it expects the financial impact of the commercial operation certificates to be reflected during the second half of the year.
In July, Saudi Power Procurement Co. signed seven renewable energy PPAs with consortia led by ACWA Power, including five solar agreements, for a total 15 GW, marking the largest renewable energy capacity signed for in a single phase globally.
In September 2024, ACWA Power secured $2.6 billion through a consortium of banks for three solar plants in Saudi Arabia, with a combined capacity of 5.5 GW.
Saudi Arabia has set a target of achieving 50% renewable energy in its energy mix by the end of the decade. The country’s cumulative solar capacity surpassed 4.2 GW by the end of 2024, according to figures from the International Renewable Energy Agency (IRENA).
Earlier this week, a consortium of Masdar, GD Power and Korea Electric Power Corp. reached financial close on the 2 GW Al Sadawi solar project in Saudi Arabia.
