Arab News, Sat, May 18, 2024 | Dhu al-Qadah 10, 1445
ACWA Power’s Shuaa Energy 3 granted commercial operation certificate for 300MW solar project
Saudi Arabia:
The third stage of a Dubai-based 900-megawatt solar project being developed by
Shuaa Energy 3 is ready to begin commercial operations, it has been announced.
Saudi energy firm ACWA Power — which owns a 24
percent stake in the company behind the facility — revealed in a Tadawul filing
that the Project Commercial Operation Certificate of Phase C of the project has
been granted.
PCOC is a document confirming that the facility
at Mohammed bin Rashid Al Maktoum Solar Park is fully completed and ready for
commercial operation.
Phase C, encompassing an additional 300 MW,
contributed to the complete plant achieving commercial operation with a total
capacity of 900 MW.
The plant utilizes bifacial photovoltaic
technologies, which harness reflected solar rays on both the front and back
sides, in conjunction with a single-axis tracking system, to enhance energy
production.
Shuaa Energy 3 is a special purpose vehicle
established to develop the fifth phase of the solar park, and is also owned by
the Dubai Electricity and Water Authority and Gulf Investment Corporation.
Together with ACWA Power, they have entered into a
25-year power purchase agreement to generate clean energy, aligning with Dubai
Clean Energy Strategy 2050.
Earlier in May, ACWA Power signed a power purchase
agreement with the National Electric Grid of Uzbekistan for the Aral 5-gigawatt
wind power project worth SR18.2 billion ($4.85 billion).
Under the terms of the deal, ACWA Power will
build, own, operate, and transfer the wind farm at the end of the 25-year
contract term.
The project, located in Uzbekistan, is in the
development stage and total investment value may change when it reaches
financial close, according to the company’s statement.
On the same day, the Saudi utility firm
also signed a senior debt financing agreement for the Qassim 1 Combined Cycle
Power Plant for SR5.69 billion.
The deal, signed through Qudra One Electricity
Co., will extend 28 years, according to ACWA Power’s statement to Tadawul.
The senior debt was financed by a combination of
international and local commercial lenders, including Standard Chartered Bank,
Bank of China, Riyad Bank, as well as Saudi National Bank, Alinma Bank, Saudi
Investment Bank, and Saudi Awwal Bank.
The plant capacity is 1,800 MW.