Saudi International company for water and power projects, popularly known as ACWA Power recently announced that they are ready to begin the first phase of Dubai-based Noor energy project, which is in line with Dubai’s clean energy strategy 2050 and aims to boost Dubai’s clean energy share to 25 percent by 2030, according to media reports.
It was also confirmed that a commercial operation certificate had been issued and it has already approved the beginning of the work on the project, which has a total capacity of 217 megawatts. The Saudi Arabia-based utility developer ACWA Power owns a 25 percent stake in the project. Experts also mentioned that the financial impact associated with the project is expected to be reflected during the financial results during the first quarter of 2022.
In other news, ACWA Power recently closed a $1.33 billion financing deal for its renewable project to power The Red Sea Development, also known as TRSDC.The debt facility closure was arranged by a consortium including Al Rajhi Bank, Banque Saudi Fransi, The Saudi British Bank, Arab Petroleum Investment Corporation, Standard Chartered Bank, and Riyad Bank.
ACWA Power was awarded the contract to drive and operate the renewable power-based multi-utilities infrastructure to serve The Red Sea Project back in November 2021. TRSDC is fully owned by the Public Investment Fund of Saudi Arabia and will be developing the world’s largest sustainable tourism destination that will run on 100 percent renewable energy. Construction for the project has already begun actively and the company is targeting partial operation by the end of 2022.