ACWA POWER stock gains 1.2% on Layla project reports

Shares of ACWA POWER Company rose on Sunday after reports around Layla project which has been announced earlier today.

ACWA POWER stock surged today 1.20% or SR 1.80 to trade at SR 151.60 by 10.51 AM.

Almost 1060 deals worth SR 19.7 million have been executed on 129.4K shares of ACWA POWER.

The company announced the signing of the Power Purchase Agreement (PPA) for Layla PV Solar IPP (the Project), a 91MW PV plant located in Al Al-Aflaj governorate in Riyadh province in the Kingdom of Saudi Arabia. Having submitted the lowest bid of 11.2 halala/KWh, ACWA Power was announced as the preferred bidder for Layla PV which was tendered as part of Round Three of the National Renewable Energy Program (NREP) by the Ministry of Energy. The project is valued around SAR 401 Million SAR.

It is noteworthy that ACWA POWER profits gained 9.2% to SR 151.85 million in the first quarter of 2022 compared to SR 139.04 million in the same period of 2021.