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ACWA POWER Co. announces signing of power purchase agreements with the Saudi Power Procurement Company (SPPC).
| Element List | Explanation |
|---|---|
| Introduction | ACWA POWER Company announces the signing of 3 power purchase agreements for 3 large-scale PV Solar Plants, namely Haden, Muwayh, and Al Khushaybi located in the western and northern regions of Saudi Arabia with a production capacity of 2,000MW, 2,000MW and 1,500MW of renewable power, respectively. The PPAs have been signed between the Saudi Power Procurement Company (SPPC) and the individual project companies Buraiq Renewable Energy Company, Moya Renewable Energy Company and Nabah Renewable Energy Company, respectively, all of which will be owned by ACWA Power, Badeel (a wholly owned subsidiary of PIF), and Saudi Aramco Power Company. |
| Date of Announcement of the Award | 2024-06-26 Corresponding to 1445-12-20 |
| Contract Subject Matter | Power Purchase Agreements (PPA) |
| The Entity with Which the Contract was Signed | Saudi Power Procurement Company (SPPC) |
| Date of Signing the Contract | 2024-06-26 Corresponding to 1445-12-20 |
| Contract Value | SAR 12.3 billion (US$ 3.3 billion) in aggregate. |
| Contract Details | Development, financing, construction, ownership and operation of 3 Solar PV Power Projects. |
| Contract Duration | 25 years for each PPA. |
| Financial Impact and the Relevant Period | The financial impact of the contracted revenues is expected to be reflected after the Commercial Operation Dates (PCOD) expected by the first half of 2027. |
| Related Parties | Badeel, a wholly owned company by the Public Investment Fund, will be a partner in this project with a 34.9% equity stake in each of the three project companies. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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