Saudi International company for water and power projects, also known as ACWA Power, is set to begin of the first phase of Dubai-based Noor energy 1 project.
The project is in line with Dubai’s Clean Energy Strategy 2050, as it aims to boost clean energy share in Dubai to 25 percent by 2030, saving 1.6 million tons of carbon dioxide in the process.
A bourse filing confirmed that a commercial operation certificate had been issued approving the beginning of the work on the project, which has a total capacity of 217 megawatts.
The Saudi-based utility developer owns a 25 percent net stake in the UAE-based project.
The financial impact associated with this is expected be reflected in the financial results of the first quarter of 2022.
ACWA power is a developer, investor, co-owner and operator of a collection of power generation and purified water refineries. It operates in 10 countries across the Middle East and North Africa region, Southern Africa and South East Asia.