Acwa Power’s Saad 2 PV project in Riyadh kicks off partial production, with 759.3 MW now in commercial operation, it said in a disclosure to Tadawul yesterday. The total capacity of the project is about 1.13 GW, meaning over 30% of the capacity has yet to come online. No timeline was provided for the remaining capacity.

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BACKGROUND- Acwa drew a USD 2.3 bn loan to finance three solar projects, including the Saad 2 PV plant, the 2 GW Ar Rass 2 solar farm, and the 1.42 Al Kahfah solar project, which will generate enough electricity to power the equivalent of 750k households. Acwa holds a 50.1% stake in these projects, while PIF-backed Badeel owns the remaining 49.9%.

IN CONTEXT- Saad 2 is one of six solar projects set to come online this year by the summer as energy demand peaks, adding some 6.16 GW of renewable energy capacity. The renewables push comes under the Kingdom’s National Renewable Energy Program (NREP), which aims to phase out oil burning to reach a 50/50 mix of renewables and gas by 2030.

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