Al-Shuaibah 1 Solar Photovoltaic Project is one of ACWA Power’s notable 600-megawatt renewable energy facilities. It has signed the commercial operation certificate with Saudi Power Procurement Co., which will clear the way for this facility to go operational.
ACWA Power also holds 35.01% in Al-Shuaibah project, important to the efforts of Saudi Arabia to achieve its renewable energy targets. This marks the involvement of ACWA Power in the spirit of sustainable energy solutions for the Kingdom’s journey to a cleaner source of energy.
ACWA Power would be coming off a stellar set of financials for 2024. The company stated that its net profits attributable to equity holders for the first three quarters grew by 16%, based on growth for both its power and water production sectors. Net profit came in at SAR 1.25 billion, or roughly USD 334 million, an impressive increase from the same quarter last year. This performance was further supported by a 12.5% increase in operating income.
In addition to the Al-Shuaibah project, ACWA Power has expanded its investment and development activities. Over the past nine months, the company achieved financial closure on seven major projects totaling SAR 31 billion. Key projects include the Taiba and Qassim Combined Cycle Gas Turbine plants in Saudi Arabia, as well as international ventures such as the Tashkent Solar PV project in Uzbekistan and the Hassyan Seawater Reverse Osmosis plant in the UAE.
This growth reflects the strategic focus of ACWA Power on expansion worldwide and its diversification of operations. The recent agreements signed at the Future Investment Initiative in Riyadh in addition to new financing deals only go to further fortify the company’s capital base and project pipeline, which will place the company in an excellent position to succeed further in the global energy sector.
