Saudi energy firm ACWA Power has received the initial commercial operation certificate from the Dubai Electricity and Water Authority (DEWA) to operate the second phase of the Noor Energy 1 independent power project.
In its statement, the company said, “The development will add 200 megawatts to the project, thus taking the total operational capacity to 717 MW. The financial impact of this 950 MW project is expected to begin from the first quarter of 2024. “
The Noor Energy project, the largest single-site concentrated solar power plant, is located in the fourth phase of the Mohammed Bin Rashid Al Maktoum Solar Park.
As per ACWA Power, it owns a net stake of 25 percent in Noor Energy 1. The Saudi firm-led consortium bagged the project in 2017 and would support the Dubai Clean Energy Strategy 2050 by increasing the share of clean energy in the UAE to 25 percent by 2030.
It may be noted that earlier this month, the firm disclosed that it plans to develop 500 MW of renewable energy projects in Azerbaijan in partnership with Abu Dhabi Future Energy Co., also known as Masdar.
It is expected that the deal will bolster Azerbaijan’s stride toward its net-zero ambitions while contributing to the global decarbonisation effort.
Presently, ACWA Power is developing a wind energy project in Azerbaijan, with a capacity of 240 MW for $286 million.