ACWA finances Al Shuaibah PV plants
ACWA Power joins with Badeel on $2 B project, advancing 2 GW project announced last year.
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Saudi Arabia, Riyadh: ACWA Power joins with Badeel on $2 B project, advancing 2 GW project announced last year.
ACWA Power, the Saudi-based developer and operator of power and water plants, announced the signing of financing agreements for Al Shuaibah 1 and Al Shuaibah 2 solar photovoltaic (PV) Independent Power Projects (IPPs) in Saudi Arabia.
ACWA Power stated that the two projects are being developed by a consortium of ACWA Power, the Public Investment Fund (PIF)-owned Electricity Holding Company Badeel, and Saudi Aramco at a total investment cost of $2.2 B (SAR 8. B).
The statement said each project involves development, design, permitting, engineering, financing, procurement, construction, commissioning, testing, completion, ownership, insurance, operation, and maintenance.
While the details about the capacities of the two IPPs haven’t been disclosed, Badeel and ACWA Power had previously announced that they signed a power purchase agreement with Saudi Power Procurement Company (SPPC) for the 2,060 MW Al Shuaibah 2 solar PV power plant. Reportedly, the project represents a part of PIF’s commitment to develop 70 % of Saudi Arabia’s renewable energy by 2030.
Source: Energy&Utilities
Related news:
https://transformers-magazine.com/tm-news/acwa-power-signs-ppas-for-saudi-solar-projects/
#ACWA#Badeel#independent power project#Saudi Aramco#solar PV plant