ACWA makes power play for 700MW Saudi solar

Mar 8, 2022 01:36 PM ET
  • 25-year PPA with SPPC is for the $450m Ar Rass solar project in Al Qassim province
ACWA makes power play for 700MW Saudi solar

Saudi power manufacturer ACWA Power and the Saudi Power Procurement Company (SPPC) have authorized a power acquisition contract (PPA) to establish a 700MW solar farm in the Middle Eastern nation.

The PPA is for the $450m Ar Rass solar photovoltaic independent power plant in Saudi Arabia's Al Qassim province.

Ar Rass is expected to reach economic enclose the fourth quarter of 2022.

Under the terms of the contract, ACWA Power will certainly market energy created by the solar plant to SPPC for 25 years.

Ar Rass is the biggest PV project that has hurt as part of Saudi Arabia's National Renewable Energy Program to day, for which ACWA Power has actually been earmarked to supply 70% of the total 58.7 GW target.

ACWA Power will certainly hold a 40.1% stake in the center, along with 20% by the Water and Electricity Holding Company (Badeel), a completely owned PIF Profile Company.

State Power Investment Corporation from China will hold a 39.9% stake in Ar Rass.

The agreement was signed in the visibility of His Royal Highness Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, Saudi Arabia's power preacher, that also said the goal is to introduce several renewable energy projects amounting to 15GW of capacity between 2022 as well as 2023.

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