ACWA Power announced the signing of the purchase agreement for the Al Rass solar photovoltaic project, with a production capacity of 700 megawatts, located in the Qassim region in the Kingdom of Saudi Arabia.
By submitting the lowest bid at a tariff of 5.62 halalas / kWh, the company was able to win the project as part of the third round of the renewable energy program proposed by the Ministry of Energy, where the value of the project is approximately SAR 1.7.
Al-Rass project is the largest solar photovoltaic project that has been proposed by the Office of Renewable Energy in the Ministry of Energy within the National Renewable Energy Program in the Kingdom of Saudi Arabia so far, and ACWA Power will own 40.1% of the project.
ACWA Power, formerly known as IWP (International Water & Power Works), is a leading power supply and water Desalination Company with a proven track record of accomplishments in the energy field, from solar (PV), concentrated solar (CSP), geothermal, wind, and waste conversion. to energy (WtE) plus clean coal.
In 2016, the consortium led by the company won the deal to build the $220 million Noor 4 project in the Kingdom of Morocco during the UN Climate Conference held in Marrakesh, Morocco.
On June 4, 2018, the Saudi Public Investment Fund and the International Water and Energy Works Company “ACWA Power” announced that the Fund had acquired a significant stake in “ACWA Power”, becoming a direct shareholder in ACWA Power with 15.2%. On November 19, 2020, the Public Investment Fund announced an increase in its stake from 33.36% to 50%.
ACWA Power was established in 2004 in the Kingdom of Saudi Arabia and is 50% owned by the Public Investment Fund. The company employs approximately 3,500 employees, accounting for 60% of local employment in 13 countries in the Middle East, North and South Africa, and Southeast Asia regions, where it operates in 13 markets (13 countries).
From its headquarters in the Kingdom of Saudi Arabia, ACWA Power operates its regional offices located in Dubai, Istanbul, Cairo, Rabat, Johannesburg, Hanoi, and Beijing.
ACWA Power operates as an investor, developer, part-owner, and operator of power plants and operates 32 plants on three continents, with a production capacity of 22.8 gigawatts of energy and daily production of 2.5 million cubic meters of desalinated water.
ACWA Power and its subsidiaries also contribute to providing more than 3,000 job opportunities through its projects distributed in 11 different countries of the world.
By 2014, ACWA Power revealed that it had allocated $7.4 billion of the estimated $15 billion project amount to support ongoing renewable energy tenders and projects.