RIYADH: Saudi utility firm ACWA Power announced that it has received the initial commercial operation certificate from the Dubai Electricity and Water Authority to operate the second phase of the Noor Energy 1 independent power project.

In a statement to Tadawul, the company said that the development will add 200 megawatts to the project, thus taking the total operational capacity to 717 MW.

The utility monolith further noted that it expects the financial impact of this 950 MW project from the first quarter of 2024.

The Noor Energy project, touted to be the largest single-site concentrated solar power plant, is located in the fourth phase of the Mohammed Bin Rashid Al Maktoum Solar Park.

According to ACWA Power’s website, 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.

Earlier this month, the company 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.

The desalination giant revealed that the deal will bolster Azerbaijan’s stride toward its net-zero ambitions while contributing to the global decarbonization effort.

Currently, ACWA Power is developing a wind energy project in Azerbaijan, with a capacity of 240 MW for $286 million.

Earlier this month, the power generation firm revealed that its net profit for the first nine months of this year rose to SR1.08 billion ($290 billion), representing an increase of 23 percent compared to the same period of the previous year.

ACWA Power’s net profit for the third quarter rose 17 percent year on year to SR397.94 million.

“With the collaboration of our various business units, we hit SR1 billion bottom line in nine months, which is a fantastic achievement given the macroeconomic and geopolitical challenges surrounding us,” said Abdulhameed Al-Muhaidib, chief financial officer of ACWA Power, after announcing the financial results.