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ACWA Power Shines With Solar Projects | |
| Sumita Pawar |
ACWA Power, a global player in power generation, water desalination, and green hydrogen plants, has secured three power purchase agreements (PPAs) valued at $3.25 billion for three large-scale photovoltaic (PV) solar plants in Saudi Arabia.
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The projects, named Ar Rass 2, Saad 2, and Alkahfah, have a combined capacity of 4.55 GW, providing renewable energy to around 750,000 households.
The PPAs, with a duration of 35 years, were signed between the Saudi Power Procurement Company and ACWA Power’s subsidiary companies.
These projects are part of the National Renewable Energy Programme, with PIF tasked with developing 70% of NREP’s target capacity.
ACWA Power’s subsidiary, Badeel, holds a 49.9% equity stake in each of the three project companies.
This deal comes after ACWA Power’s recent agreements in Uzbekistan, where the company is expanding its renewable energy portfolio.
Saudi Arabia’s Vision 2030 aims to achieve an optimal power generation energy mix by utilising renewable energy sources and reducing dependence on liquid fuels.