en.Wedoany.com Reported - Saudi International Water and Power Company (Acwa Power) has obtained a new permit to expand its Khalladi wind power project in Morocco by 40 megawatts, with an estimated cost of 550 million dirhams (approximately $60 million). The company also revealed its intention to enter the local seawater desalination business.

The Khalladi plant, currently with an installed capacity of 120 MW, began operations in northern Morocco in 2018. Asharq Business reported, citing Omar Mhamdi, Acwa's General Manager for Morocco, that the expansion plan is expected to be completed within the next two years, aiming to meet the growing industrial electricity demand in the region.

In March 2024, Acwa Power suffered a revenue loss of approximately $47 million due to a malfunction at a renewable energy plant in Morocco. The company's total investment in Morocco has reached $3 billion.

In March of this year, the Moroccan government selected Acwa Power as one of the country's first green hydrogen investment projects, with negotiations on land allocation and project implementation underway. Omar Mhamdi stated that the company also plans to enter the seawater desalination sector but did not disclose specific details.

Financially, the company's net profit from January to March this year fell by 19% year-on-year to 345 million Saudi riyals (approximately $92 million), despite a 2% increase in revenue to 2 billion Saudi riyals during the same period. As of the end of March, Acwa Power's total assets under management in operation, construction, and advanced development stages reached 455 billion Saudi riyals. The Saudi Public Investment Fund holds a 44% stake in Acwa Power, and its shares closed at 198.80 Saudi riyals on Wednesday; the stock has risen by about 9% so far this year.

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