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ACWA Power has signed a power purchase agreement for 30 years for a 91 MW solar power project, that will be over 300 km south of Riyadh.
ACWA Power will build, develop and operate the Layla Photovoltaic (PV) Solar IPP, according to the agreement. The project’s estimated value is SAR 401 million (USD 106.9 million). ACWA Power holds approximately 40% of the project.
Layla PV Solar IPP was offered in Round 3 of the National Renewable Energy Programme (NREP). The contract was won by ACWA Power and the Ministry of Energy after they received the lowest bid of SAR 0.112/kWh.
Once the project is in commercial operation, which is expected to happen in the first quarter of 2024, we will know the financial impact of the PPA.