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