ACWA Power signs PPAs for Saudi solar projects
ACWA Power signed power purchase agreements (PPAs) for 3 massive Saudi solar projects.
Image for illustration purposes.
Saudi Arabia, Riyadh: ACWA Power signed power purchase agreements (PPAs) for 3 massive Saudi solar projects.
ACWA Power signed PPAs with the Saudi Power Procurement Company (SPPC) for the development and operation of three major solar PV Independent Power Producer (IPP) projects in Saudi Arabia.
The Ar Rass 2, Saad 2, and Alkahfah projects are situated in the central and northern Saudi Arabia and have about 2,000 MW, 1,125 MW, and 1,425 MW capacity, respectively, with their combined value amounting to $3.25 B (SAR12.2 B).
ACWA Power is working on projects with subsidiary of Saudi Arabia’s Public Investment Fund (PIF). Financial close for these projects is expected by the Q3 2023.
The 3 projects will add 4.55 GW and provide renewable energy to approx. 750,000 households.
“As a Saudi national champion, we are incredibly proud to lead Saudi Arabia’s ambitious energy diversification plans and contribute towards achieving its Net Zero targets,” said Marco Arcelli, Chief Executive Officer of ACWA Power. “Signing of three Power Purchase Agreements marks a significant milestone for ACWA Power, representing the largest single transaction for solar projects in our company’s history. This achievement illustrates our firm commitment to a sustainable future for Saudi Arabia and beyond,” he added.
Source: Energy&Utilities