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ACWA POWER Co. announces a forced outage in its Noor 3 plant in Morocco
2082
ACWA POWER
7.97
%
1445/09/14 24/03/2024 09:00:23
| Element List | Explanation |
|---|---|
| Introduction | ACWA Power announces that on 21st March 2024 it received a notice from the Project Company of a leak in the Hot Molten Salts Tank. Preliminary analysis of the situation indicated to a forced outage till November 2024. |
| The reasons that led the company to be affected by this event | A leak in the Molten Salts Hot Tank related to the Concentrated Solar Power (CSP) project. |
| Business affected by this event | ACWA Power Ouarzazate III S.A’s Noor 3 CSP IPP (“Noor 3” or the “Project Company”) |
| The anticipated financial impact | Initial estimation revenue loss for the project company is around 47 M USD. ACWA Powers holds stake of 75% in the project |
| The period during which the impact is reflected | Fiscal year 2024 |
| Procedures taken or to be taken by the Company in order to address the event’s impact on its business | Repair of the tank in addition to potentially building a new tank. |
| The event’s anticipated period | Expected to last until November 2024 |
| Additional Information | All material updates will be announced in due course |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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Last Price 265.6
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