- ACWA Power enters PPA deal with Saudi Power Procurement Co.
- The solar project is worth $107 million.
ACWA Power Co. and Saudi Power Procurement Co. have signed a power purchase agreement to develop the Layla PV Solar project, worth SR401 million ($107 million). This announcement was made known by ACWA Power.
ACWA secured the contract for submitting the lowest bid of 11.2 halal/KWh.
According to a bourse filing, ACWA Power will develop, construct, and operate Layla PV Solar IPP, a plant located in Riyadh. The 91MW Layla project is being executed to extend the Kingdom’s National Renewable Energy Program, which the Minister of Energy proposed.
ACWA Power will own 40.1 per cent of the project for 30 years.