Saudi Arabia’s ACWA Power Co is set to make four major domestic solar projects operational in the second half of 2024, totalling a capacity of 2,620 MW. These projects represent a total investment of SAR 11.5 billion (USD 3.06 billion/EUR 2.81 billion).
The details of the four projects are as follows:
• Sudair PV IPP: With an investment of SAR 3.465 billion and ACWA’s 35% share, this project will have a capacity of 1,500 MW, set to become operational in Q4.
• The Red Sea Project Saudi Arabia: This project involves an investment of SAR 5.966 billion with ACWA holding a 50% share. It will have a capacity of 340 MW and is scheduled to become operational in Q3. The offtaker for this project is The Red Sea Development Company.
• Ar Rass PV IPP: Featuring an investment of SAR 1.688 billion and ACWA’s 40.10% share, this project will contribute 700 MW and is planned to become operational in Q4.
• Laylaa PV IPP: With an investment of SAR 0.4 billion and ACWA’s 40.10% share, this project will add 80 MW and will also become operational in Q4.
The output from the Sudair, Ar Rass, and Laylaa solar parks will be sold to the Saudi Power Procurement Company (SPPC).
These new solar parks will significantly enhance Saudi Arabia’s renewable energy capacity, which stood at 2.98 GW in 2023, as per the International Renewable Energy Agency (IRENA).
In its second-quarter report, ACWA Power also confirmed that the Neom green hydrogen project in northwest Saudi Arabia is on track for commissioning in Q3 2026. This ambitious project underscores ACWA Power’s commitment to expanding the Kingdom’s renewable energy portfolio and advancing sustainable energy solutions.
