RIYADH: Saudi Arabia-based energy company ACWA Power’s shares started higher on Wednesday, following the start-up of the operation for phase B of the Shuaa Energy 3 PSC project in Dubai ahead of schedule, the company said in a bourse filing.
The energy company’s shares rose 0.86 percent to reach SR163.6 ($44) per share, as of 10:08 a.m. Saudi time.
ACWA Power anticipates that the financial impact will be fully incorporated into its 2023 fourth-quarter results.
Shuaa Energy 3 is a special-purpose vehicle set up to develop Mohammed bin Rashid Al Maktoum’s fifth solar park, which is expected to have a total capacity of 900 megawatts.
It is owned by ACWA Power and Gulf Investment Corp., each with 40 percent, and Dubai Electricity and Water Authority with 60 percent.
The $570 million Shuaa Energy III PSC project was awarded to a consortium led by ACWA Power in 2020.
ACWA Power signed financing agreements for the project in September 2020.
The facility will produce clean energy for 270,000 homes and displace 1.18 million tons of carbon dioxide annually.
The project incorporates bifacial photovoltaic solar panels that are capable of capturing sunlight from both sides, as well as a solar tracking system.
ACWA Power estimates that power generation can be made 20 percent more efficient as a result.
Using an automated system to clean solar panels, the facility is able to optimize its productivity and operations.
The Mohammed bin Rashid Al Maktoum Solar Park now has a capacity of 1,313MW with the opening of the new facility.
Once fully operational, the solar park is expected to produce 5,000MW, making it the world’s largest single-site solar park.