ACWA Power inks SAR 12.2 bln power purchase agreements with SPPC

21/05/2023 Argaam
Logo of ACWA Power Co.

Logo of ACWA Power Co.

ACWA Power signed today, May 21, power purchase agreements (PPAs) for three large-scale photovoltaic (PV) solar plants, namely Ar Rass 2, Saad 2, and Alkahfah.

 

The plants are located in the central and northern regions of Saudi Arabia and will operate at a production capacity of 2,000 megawatts (MW), 1,125 MW and 1,425 MW of renewable power, respectively.

 

In a statement to Tadawul, the utility said the PPAs were inked with Saudi Power Procurement Company (SPPC). This is in addition to Nawwar Renewable Energy Co., Saad Two Renewable Energy Co. and Isha Renewable Energy Co., all of which will be jointly owned by ACWA Power and Badeel, a wholly owned subsidiary of the Public Investment Fund (PIF).

 

The aggregate value of this 35-year contract stands at SAR 12.19 billion ($3.25 billion), ACWA Power added, expecting the relevant financial impact to show in H1 2026 after commercial operation.

 

Badeel will have a 49.9% in each of the three projects.

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