Acwa Power has commissioned the 700MW AlRass1 solar photovoltaic (PV) project in Saudi Arabia. The project, located in Al Qassim province, has commenced power generation after receiving a commercial operation certificate. Acwa Power holds a 40.1% stake in the AlRass Renewable Energy Company, with Badeel, a subsidiary of the Public Investment Fund, and China’s State Power Investment holding 20% and 39.9% stakes, respectively.
The financial impact of the AlRass1 project is expected to be reflected in Acwa Power’s earnings in the second half of the year. Once fully operational, the plant is projected to supply electricity to approximately 132,000 homes in central Saudi Arabia, contributing to the country’s goal of having renewables account for at least 50% of its electricity by the end of the decade.
Acwa Power is supporting Saudi Arabia’s green transition and has a global expansion strategy focused on high-growth economies. The company plans to raise SR7.13 billion ($1.9 billion) in capital to triple its assets under management by 2030. Acwa Power’s operational portfolio includes key assets like the 1.5GW Sudair solar PV in Saudi Arabia, the 200MW Kom Ombo solar PV in Egypt, and the 909,000m³ per day Al Taweelah desalination plant in the UAE.
In July 2024, Acwa Power sold a 35% share of its two Asian subsidiaries, ACWA Power Bash Wind Project Holding and ACWA Power Uzbekistan Wind Project Holding, to China Southern Power Grid International.