ACWA Power gets green light for 217-MW solar project in UAE

Phase I of the Mohammed bin Rashid Al Maktoum solar project. Source: http://www.dewa.gov.ae. All Rights Reserved.

January 11 (Renewables Now) - Saudi Arabia’s International Company for Water and Power Projects (TADAWUL:2082), or ACWA Power, can start work on the first 217-MW phase of the Noor Energy 1 solar project in Dubai after receiving a certificate of commercial operation.

The financial impact of the project will be disclosed in the financial report for the first quarter of 2022, ACWA Power said on Monday in a filing with the Saudi stock exchange.

The Riyadh-based company owns a 25% stake in the company Noor Energy 1 PSC which is implementing the 4th phase of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai. This phase combines 700 MW of concentrated solar power capacity and 250 MW photovoltaics and plays a major role in the decarbonisation strategy of the emirate which seeks to reach 25% of clean energy by 2030.

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