ACWA Power inks SAR 12.3B PPAs for 3 energy projects

ACWA Power Co. signed, on June 26, power purchase agreements (PPAs) worth SAR 12.3 billion ($3.3 billion) to develop, implement, and operate three major solar photovoltaic (PA) energy projects in Haden, Muwayh and Al Khushaybi.

In a statement to Tadawul, ACWA Power said the projects are located in the western and northern regions of Saudi Arabia, with respective production capacities of 2,000 MW, 2,000 MW, and 1,500 MW.

The PPAs were signed between Saudi Power Procurement Co. and the project companies represented by Buraiq Renewable Energy Co., Moya Renewable Energy Co. and Nabah Renewable Energy Co. These companies will be jointly owned by ACWA Power and Water and Electricity Holding Co. (Badeel), a wholly owned company of the Public Investment Fund, along with Saudi Aramco Power Co.

The contracts encompass the development, financing, construction, ownership, and operation of three solar PV power plants, each for a duration of 25 years.

The financial impact of these operations is anticipated to appear in the first half of 2027, the statement added.

Furthermore, Badeel will hold a 34.9% stake in the three project companies as a related party.