Zawya - News: Details – Temporary halt to production at two solar energy projects of Saudi company "ACWA"
Wafaa bin Moussa
Saudi Arabia's ACWA Power, a company listed on the Saudi Stock Exchange that develops and operates power and desalination plants, announced a temporary halt to power production at two of its solar energy projects in the Kingdom, according to a statement sent to the stock exchange on Thursday.
ACWA Power, formerly known as ACWA Power, has been operating for about 20 years and was listed on the Saudi Stock Exchange in 2021. The Public Investment Fund (PIF), the Saudi sovereign wealth fund, owns 44.16% of the company’s shares, according to official data.
The two plants are joint ventures between ACWA Power and Badeel Water and Electricity, owned by the Saudi sovereign wealth fund. The agreement to establish the plants was signed in May 2023, with the Saudi Power Procurement Company (SPPC) purchasing the plants' output.
In its statement on Thursday, ACWA Power said that the temporary suspension of the two projects came in accordance with the directives of the system operator and the requirements for the stability of the electrical grid, despite the objections of the two project companies.
The two companies involved in the project have submitted their objections, while detailed technical assessments are being carried out, including an independent third-party analysis, along with coordination with the relevant authorities to restore full operation of the stations, according to the statement.
This is not the first time production has been halted at the two stations. According to a statement from ACWA Power, the Al-Kahfa station began operating last November, but production was temporarily halted in December and then allowed to resume partial production last February.
As for the Ras 2 station, it began operating last September and its production was temporarily halted in January 2026, before it was allowed to operate partially last March.
(Prepared by: Wafaa Ben Moussa, Edited by: Omnia Assem and Shaimaa Hefzy, Contact: zawya.arabic@lseg.com)
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