First published: 07-Nov-2024 17:29:08

Staff Writer

Saudi Arabia’s renewable giant ACWA Power said it currently has 26 projects under construction, marking the highest number in its 20-year history.

The 700-megawatt (MW) Ar Rass Solar PV plant in Saudi Arabia achieved commercial operation in just 18 months following its financial close in February 2023, CEO Marco Arcelli said in the Q3 2024 financial statement.

The company is actively expanding its portfolio, as it signed a water purchase agreement (WPA) for the Hamriyah Independent Water Project in the UAE, which, when completed, will produce 410,000 cubic metres per day, its fourth reverse osmosis water desalination plant in the country.

“Optimising the operational and financial performance of our project companies is a critical element of our business model,” Arcelli said.

ACWA Guc, a 950 MW combined-cycle gas turbine asset operating in Turkey, has been sustaining heavy financial losses owing to its foreign currency-denominated long-term debt since 2018, the CEO said.

However, the company signed a settlement agreement in August, which freed the asset from any debt, removing the financial shackles around the project’s performance, he added.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.