Riyadh – Mubasher: ACWA Power Company announced that Noor Energy 1 commenced operating Phase 1 of the parabolic trough concentrated solar power (PT-CSP) at a production capacity of 200 megawatts (MW).

Noor Energy 1 represents Phase 4 of the Mohammed bin Rashid Al Maktoum (MBR) Solar Park in Dubai, according to a bourse disclosure.

The Independent Power Project (IPP) has a total capacity of 950 MW from CSP in addition to photovoltaic (PV) panels. Meanwhile, the capacity under operation reached 417 MW.

ACWA Power, which holds a 25% stake in Noor Energy 1, expected that the whole project will begin reflecting on its income statements starting from the first quarter (Q1) of 2024 onwards.

Last year, the listed firm partnered with Water and Electricity Holding Company (Badeel), a wholly-owned entity by the Public Investment Fund (PIF), to develop Al Shuaibah PV solar energy plant.

In the first nine months (9M) of 2022, ACWA Power witnessed an annual hike of 110.37% in net profit after Zakat and tax to SAR 883.42 million, compared to SAR 419.94 million.