ACWA Power, a Saudi Arabia-based firm involved in the development, construction, and operation of power generation and desalination of water plants, has announced the financial closure of the Sakaka solar project. This is the first utility scale renewable energy project developed in Saudi Arabia under the National Renewable Energy Program executed by REPDO (Renewable Energy Project Development Office).
Sakaka PV Project is owned by Sakaka Solar Energy Company (SSEC), where ACWA Power has 70 percent holding and AlGihaz has the rest 30 percent holding. SSEC has also concluded a 25-year power purchase agreement (PPA) with Saudi power procurement company (SPPC).
In January 2018, REPDO had awarded the project to ACWA Power Consortium at a record tariff of $0.0234/kWh. Read More