ACWA Power is set to begin commercial operations for four mega projects in the second half of 2024, marking a significant leap in the renewable energy sector in Saudi Arabia. These projects are part of the Kingdom’s ambitious efforts to achieve its renewable energy goals and transition toward a more sustainable economy.

The total value of the four projects, which will focus on solar power generation and water desalination, amounts to SAR 11.52 billion. These include the Sudair Photovoltaic Power Plant, which will generate 1,500 megawatts, significantly contributing to meeting the growing demand for electricity in the Kingdom. The Red Sea Project combines solar power generation with water desalination, producing 340 megawatts of solar power and 33,000 cubic meters of desalinated water daily. The third and fourth projects, Layla and Al-Rass photovoltaic power plants, will add an additional 780 megawatts to the Saudi electricity grid.

During the first half of 2024, ACWA Power achieved financial closure for three other projects, reflecting investor confidence in Saudi Arabia’s renewable energy sector. The company has also signed numerous power and water purchase agreements, significantly expanding its investment portfolio.

These mega projects align with Saudi Vision 2030, which aims to diversify income sources and reduce dependence on oil. They also contribute to the Kingdom’s ambitious target of generating 50% of its electricity from renewable sources by 2030.