Acwa Power’s 700MW solar project begins operations
01 September 2024
Acwa Power, a leader in power generation and water desalination plants, has announced that its 700 MW AlRass1 Solar Photovoltaic Project located in Qassim province has entered into commercial operations.
The project was developed through Ar Rass Solar Energy Company, a special-purpose vehicle (SPV) established by Acwa Power (with a 40.1 per cent stake) to finance the engineering, procurement, commissioning, and operation of the plant facility. The Acwa consortium partners include the State Power Investment Corporation of China with 39.9 per cent stake and Water and Electricity Holding Company (Badeel), a wholly-owned PIF portfolio Company with 20 per cent share in the company.
Earlier, the Acwa Power consortium had entered into a 25-year power purchase deal with the project’s sole offtaker Saudi Power Procurement Company (SPPC).
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