Riyadh – Mubasher: ACWA Power Company has initiated the commercial operation process of the Hassyan Energy project, which has a total production capacity of 2,400 megawatts (MW).

The Tadawul-listed firm holds a 26.95% stake in Hassyan Energy Phase 1, according to a bourse filing.

Meanwhile, the last 600 MW power unit joins the three previous 600 MW units that entered into commercial operation in earlier stages.

ACWA Power underlined that the financial impact of achieving full capacity will be reflected from the fourth quarter (Q4) of 2023 onwards.

Earlier in November, the Saudi company obtained the approval of the Dubai Electricity and Water Authority (DEWA) to operate the second phase of the Noor Energy 1 independent power project.

In the first nine months (9M) of 2023, the net profits after Zakat and tax of ACWA Power increased by 22.49% year-on-year (YoY) to SAR 1.08 billion from SAR 883.42 million.

Earnings per share (EPS) went up to SAR 1.49 in 9M-23 from SAR 1.23 a year earlier, while the revenues hiked by 15.58% to SAR 4.28 billion from SAR 3.70 billion.