ACWA Power to commission 2.6 GW of Saudi solar projects by end-2024

Solar park in Saudi Arabia. Image by: ACWA Power.

Saudi Arabia’s ACWA Power Co (TADAWUL:2082) will commence operations in the second half of 2024 for four domestic solar projects with a combined capacity of 2,620 MW and a total investment of SAR 11.5 billion (USD 3.06bn/EUR 2.81bn).

The table below gives details about the four projects.

Project name	Investment (in SAR billion)	ACWA's share	Capacity	COD
Sudair PV IPP	3.465	35%	1,500 MW	Q4
The Red Sea Project Saudi Arabia	5.966	50%	340 MW	Q3
Ar Rass PV IPP	1.688	40.10%	700 MW	Q4
Laylaa PV IPP	0.4	40.10%	80 MW	Q4

The offtaker for The Red Sea Project is The Red Sea Development Company while the output of the other three solar parks will be sold to the Saudi Power Procurement Company (SPPC).

The four solar parks will considerably raise Saudi Arabia's renewable energy capacity which totalled 2.98 GW in 2023, according to data by the International Renewable Energy Agency (IRENA).

In its second-quarter report, the Riyadh-based developer confirmed that the Neom green hydrogen project in the northwest of the Kingdom is set to be commissioned in the third quarter of 2026.

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