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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 Ar Rass 2, Saad 2, and Alkahfah located in the central and northern regions of Saudi Arabia with a production capacity of 2,000MW, 1,125MW and 1,425MW of renewable power, respectively. The PPAs have been signed between the Saudi Power Procurement Company (SPPC) and the individual project companies Nawwar Renewable Energy Company, Saad Two Renewable Energy Company and Ishaa Renewable Energy Company, all of which will be owned by ACWA Power and Badeel, (a wholly owned subsidiary of PIF). |
| Date of Announcement of the Award | 2023-05-21 Corresponding to 1444-11-01 |
| Contract Subject Matter | Power Purchase Agreement |
| Date of Signing the Contract | 2023-05-21 Corresponding to 1444-11-01 |
| Contract Value | SAR 12.187 billion (US$ 3.25 billion) in aggregate. |
| Contract Details | Development, financing, construction, ownership and operation of 3 Solar PV Power Projects. |
| Contract Duration | 35 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 Date (PCOD) expected by H1,2026. |
| Related Parties | (“Badeel’) a wholly owned company by the Public Investment Fund will be a partner in this project with a 49.9% equity stake in each of the three project’s 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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