Saudi Arabia's power producer ACWA Power has commissioned its 600 MW Al Shuaibah PV 1 solar PV project in the Saudi Arabian province of Makkah. The company has just been granted the Commercial Operation Certificate from the Saudi Power Procurement Company (SPPC) for the full project capacity. The project is jointly owned by ACWA Power (35.01%), Badeel (34.99%) and SAPCO (30%), while Saudi Power Procurement Company (SPPC) is the procurer and offtaker of the project. ACWA Power had announced the financial closure of the Al Shuaibah PV 1 and 2,031 MW Al Shuaibah PV 2 solar projects in August 2023; the two projects have a total investment of USD$2.37bn.
In October 2024, ACWA Power and its partners, namely Saudi Arabia's Water and Electricity Holding Company (Badeel) and Saudi Aramco Power Company (SAPCO), reached financial close on three solar PV projects totalling 5.5 GW worth SAR12bn (US$3.2bn) in Saudi Arabia. These projects include the 2 GW Haden project, the 2 GW Muwayh project, and the 1.5 GW Al Khushaybi project, located in Makkah and Qassim provinces of Saudi Arabia. The three solar parks are planned for commissioning in the first quarter of 2027 and will sell their power generation to the SPPC.
At the end of 2023, installed solar capacity (2.3 GW) represented 2.5% of Saudi Arabia’s total capacity and less than 1% of its power generation. The country plans to reach 50% renewable energy in the power mix by 2030 and net-zero emissions by 2060.
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