Saudi’s ACWA Power signs 3 solar power PPAs worth $3.25bln – EQ Mag
The 3 solar PV power projects represent a combined generation capacity of nearly 4.6 gigawatts
Saudi Arabia’s ACWA Power has signed three power purchase agreements (PPAs) worth 12.187 billion Saudi riyals ($3.25 billion) for three large-scale photovoltaic (PV) solar plants.
The projects are Ar Rass 2, Saad 2 and Alkahfah in the central and northern regions of the Kingdom with a production capacity of 2,000 megawatts (MW), 1,125 MW and 1,425 MW, respectively, the water and power developer said in a statement to the Saudi stock exchange on Sunday.
The 35-year duration PPAs were signed between Saudi Power Procurement Company (SPPC) and individual project companies – Nawwar Renewable Energy Company, Saad Two Renewable Energy Company and Ishaa Renewable Energy Company – owned by ACWA Power and Badeel, a wholly owned subsidiary of Public Investment Fund.
Badeel holds a 49.9 percent equity stake in each of the three project companies, the statement said.
Last week, ACWA Power had signed two agreements in Uzbekistan for green hydrogen and wind power projects. The company signed a $100 million partnership agreement with Uzkimyosanoat to decarbonise Uzbekistan’s chemical sector through green hydrogen projects. It also signed a $120 million financing agreement for the 100MW Karatau Wind Project.
Source: zawya
