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Press Dossier   News Category    Economy    ACWA Power’s Shuaa Energy 3 granted commercial operation certificate for 300MW solar project

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.

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