Acwa Power connects 2.8 GW of clean energy to the grid

Acwa Power kicked off commercial operations for some 2.8 GW of solar energy from three of its projects in Saudi Arabia, according to Tadawul filings here, here, and here.

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The details: The company was granted a second commercial operations certificate for the remaining 365 MW of capacity at the 1.1 GW Saad 2 solar plant, bringing it to full capacity. It also received a certificate for initial operations at the 1.42 GW Al Kahfa solar plant, and one for an initial 1 GW from the 2 GW ArRass 2 plant.

Background: Acwa drew a USD 2.3 bn loan last year to finance the projects in which it holds a 50.1% stake, while PIF-backed Badeel owns the remaining 49.9%. The renewables push comes under the Kingdom’s National Renewable Energy Program, which aims to phase out oil burning to reach a 50/50 mix of renewables and gas by 2030.