Riyadh – Mubasher: ACWA Power Company has received a notice from the Dubai-based Shuaa Energy 3 project company.

Shuaa Energy 3 announced that Phase C of the solar power project received the commercial operation certificate, according to a bourse filing.

Phase C has a capacity of 300 megawatts (MW), while the project’s total capacity amounts to 900 MW.

Shuaa Energy 3 is the special purpose vehicle incorporated for the project, with 60% owned by the Dubai Electricity & Water Authority (DEWA), and the remaining 40 percent split between ACWA Power and Gulf Investment Corporation (GIC).

In the first quarter (Q1) of 2024, ACWA Power’s net profit to the equity holders amounted to SAR 296.17 million, a 9.80% annual increase from SAR 269.73 million.