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ACWA Power signs $107mn PPA with Saudi Power Procurement Company

ACWA Power will have a 40.1% stake in the strategic Layla PV solar IPP project

By Angitha Pradeep
Angitha Pradeep by Angitha Pradeep

Saudi-based ACWA Power has signed a power purchase agreement (PPA) for the Layla PV solar IPP project – a 91MW PV plant – located in Al Al-Aflaj governorate in Riyadh.

The PPA has been signed between Layla Solar Energy Company, which is a subsidiary of ACWA Power and Saudi Power Procurement Company, which is the principal buyer. The project is valued at around $106mn (SAR 401mn).

ACWA Power submitted the lowest bid of 11.2 halala/KWh, and 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 company noted that it will have a 40.1% stake in the strategic solar project, with the financial impact of the contracted revenues expected once the project began commercial operations in Q1, 2024.

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  • Angitha Pradeep

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Angitha Pradeep

Angitha Pradeep

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type...