- ACWA Power commissions the 700MW AlRass1 Solar PV plant in Al Qassim province.
- The plant will generate enough power for approximately 132,000 homes.
- The project is part of Saudi Arabia’s strategy to achieve 130GW of green power by 2030.
ACWA Power has officially launched its 700-megawatt AlRass1 Solar Photovoltaic Project in Al Qassim, Saudi Arabia.
This significant development marks a key milestone in Saudi Arabia’s push towards renewable energy, aiming to bolster the Kingdom’s green power capacity and meet its ambitious targets.
ACWA Power’s New Solar Project Advances Saudi Arabia’s Renewable Energy Goals
This project highlights Saudi Arabia’s commitment to diversifying its energy sources and reducing carbon emissions. With plans to generate 130 gigawatts of green power by 2030, the Kingdom is investing heavily in renewable energy, targeting renewables to account for at least 50 percent of its electricity by the end of the decade. ACWA Power’s involvement underscores its role in driving the green transition within Saudi Arabia and expanding its global footprint.
ACWA Power, holding a 40.1 percent stake in the project, anticipates a positive financial impact in the latter half of the year. The remaining shares are held by Badeel and China’s State Power Investment Corp., highlighting the international collaboration involved. This development is part of ACWA Power’s broader strategy to expand its asset base and support its growth ambitions.
The company recently reported a significant increase in net profit, attributed to higher revenues and improved performance from its investments. This financial boost aligns with its broader goals, including raising SR7.13 billion to triple its assets under management by 2030.
ACWA Power’s operational assets, including major solar and desalination projects, further demonstrate its commitment to advancing renewable energy solutions and supporting global sustainability efforts.
The successful commissioning of the AlRass1 Solar PV Project is a testament to Saudi Arabia’s ambitious renewable energy strategy and ACWA Power’s pivotal role in driving the Kingdom’s green transition.
“Saudi Arabia is investing heavily in diversifying its energy mix to reduce carbon emissions and promote sustainable development.”
