ACWA POWER Signs PPA for Ar Rass PV Solar IPP at Value of SR1.7 bln

ACWA POWER Company signed on Tuesday Power Purchase Agreement (PPA) for Ar Rass PV Solar IPP (the Project), a 700MW PV plant located in Al Qassim province in the Kingdom of Saudi Arabia.

It added that it have submitted the lowest bid of 5.62 halala/KWh, the Project was awarded to ACWA POWER as part of Round Three of the National Renewable Energy Program (NREP) by the Ministry of Energy.

The PPA has been signed between Ar Rass Solar Energy Company (the Project Company and affiliate of ACWA Power) and the off taker, Saudi Power Procurement Company (Principal Buyer). The project is valued around SR1.7 Billion.

The financial impact of the contracted revenues is expected once the Project achieves Project Commercial Operating Date (PCOD) on Q4 of 2024.

Ar Rass project is the largest PV that has been tendered by the Ministry of Energy as part of Saudi Arabia’s National Renewable Energy Programme (NREP). ACWA Power will effectively own 40.1% of the project, the company concluded.