Riyadh – Mubasher: The Saudi Power Procurement Company (SPPC) granted ACWA Power Company a commercial operation certificate of Group 3 of the Sudair Solar Photovoltaic Project in Saudi Arabia.
The complete plant achieved commercial operation with a total capacity of 1500 megawatts (MW), while Group 3 included an additional 25% of the total project capacity.
It is worth highlighting that ACWA Power holds a 35% stake in Sudair One Renewable Energy Company, according to a bourse filing.
The listed company expects that the project will reflect on its financial results in the first quarter (Q1) of 2024.
In December 2023, ACWA Power inked a power purchase deal to create South Africa's largest hybrid dispatchable renewable energy project.
During the nine-month period that ended on 30 September 2023, the Saudi-listed firm posted 22.49% higher net profits after Zakat and tax at SAR 1.08 billion, compared to SAR 883.42 million a year earlier.
