Saudi Arabia’s Acwa Power opens $320mln green energy project

Saudi Arabia’s Acwa Power opens $320mln green energy project

Saudi Arabia's Acwa Power, a leader in power generation and water desalination plants, has inaugurated the 300MW Sakaka PV IPP, the kingdom's first utility scale renewable energy project at an investment of SR1.2 billion ($320 million).The ceremony was held under the patronage of HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister and Minister of Defence, and in the presence of HRH Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, Saudi Minister of Energy, and Prince Faisal bin Nawaf bin Abdulaziz, Governor of Al-Jouf Region.“The private sector plays a fundamental role in the development of renewable energy projects in the Kingdom. The Sakaka project we are inaugurating today was developed by Acwa Power, together with various Saudi companies that have worked alongside Acwa Power to make this remarkable achievement a reality,” said Prince Abdulaziz.“Acwa Power is the leading national company in this field, and it is considered a state-owned company and is sponsored by the state, because Acwa Power has proven to be a distinct company worthy of the government's ownership. Consequently, the Public Investment Fund currently has 50% ownership of Acwa Power, which as my brother Mohammad mentioned, spans thirteen countries around the world.