ACWA Power confronts setback as Morocco's Noor 3 solar project shuts down
Date
3/24/2024 7:20:23 AM
(MENAFN) ACWA Power, a Saudi-based company, has announced the suspension of operations at the Noor 3 solar energy project in Morocco following a leakage in the molten salt tank. The company disclosed this development in a filing on the Saudi Stock Exchange, highlighting preliminary estimates suggesting potential revenue losses of around USD47 million. ACWA Power holds a significant stake of approximately 75 percent in the project, amplifying the financial impact of the cessation.
In response to the leak, ACWA Power has outlined plans to address the issue, including repairing the damaged tank and exploring the possibility of constructing a new one. The company's commitment to rectifying the situation reflects its dedication to maintaining operational integrity and ensuring the project's long-term viability. However, these remedial measures are expected to extend the timeline for project completion, with work anticipated to continue until November.
The interruption of operations at the Noor 3 solar project is poised to have ramifications for ACWA Power's financial performance in the current fiscal year. The incurred losses and potential delays in revenue generation underscore the challenges faced by the company in navigating this setback. Nonetheless, ACWA Power remains focused on mitigating the impact and restoring the project's functionality to resume its contribution to renewable energy initiatives in Morocco and beyond.
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