ACWA Power has officially commenced commercial operations at the 700-megawatt (MW) Ar Rass 1 Solar Photovoltaic Independent Power Plant (IPP) in Saudi Arabia. The project, valued at $453 million (1.7 billion riyals), marks a significant step in the Kingdom's renewable energy ambitions under the National Renewable Energy Program (NREP).

The project is owned by Ar Rass Solar Energy Company, in which ACWA Power holds a 40% stake. The commercial operations certificate was issued on August 15, 2024. The financial impact of the plant's operations is expected to be reflected starting in the second quarter of 2024.

This solar project was awarded to a consortium led by ACWA Power, which includes China's SPIC (Huanghe Hydropower Development Co. Ltd.) and Water and Electricity Holding Company (Badeel), wholly owned by the Public Investment Fund. The consortium secured the project in March 2022 by submitting the lowest bid $0.015 per kilowatt-hour (KWh).

The Ar Rass solar project is part of the third round of projects under Saudi Arabia's National Renewable Energy Program, overseen by the Ministry of Energy.

Source: zawya.com