DEWA greenlights ACWA Power’s Noor Energy 1 project
UAE, Dubai/Saudi Arabia, Riyadh: Dubai Electricity and Water Authority (DEWA) granted ACWA Power Company the Initial commercial operation certificate to operate the second phase of the Noor Energy 1 independent power project.
The Saudi company pointed out that the project will add 200 megawatts (MW) to the project, making the total operational capacity stand at 717 MW, according to a bourse disclosure. It is worth highlighting that the Noor Energy project is located in the fourth phase of the Mohammed bin Rashid Al Maktoum (MBR) Solar Park in the UAE.
ACWA Power, which holds a 25% stake in Noor Energy 1, expected that the joint venture (JV) will reflect on its income statements starting from the first quarter (Q1) of 2024 onwards. During the nine-month period that ended on 30 September 2023, the Tadawul-listed firm registered 22.49% higher net profits after Zakat and tax at SAR 1.08 billion, versus SAR 883.42 million a year earlier. In the first nine months (9M) of 2023, the net profits attributable to the owners of Dubai Electricity and Water Authority (DEWA) declined to AED 5.99 billion from AED 6.23 billion in 9M-22.