Riyadh – Layla Solar Energy Company, a subsidiary of the International Company for Water and Power Projects (ACWA Power), has signed a power purchase agreement worth SAR 401 million with Saudi Power Procurement Company.

The 30-year deal comes in line with the third round of the National Renewable Energy Program (NREP) that was proposed by the Ministry of Energy, according to a bourse filing on Sunday.

Upon the contract, the solar power company will develop, construct, and operate Layla PV Solar project, a 91-megawatt (MW) photovoltaic (PV) plant that is located in Saudi Arabia’s Al Aflaj.

ACWA Power, which owns 40.10% of the energy project, penned the agreement on Thursday, 2 June.

Meanwhile, the Saudi listed firm noted that the deal’s financial impact will reflect on its revenues during the first quarter (Q1) of 2024.

It is worth noting that ACWA Power logged net profits after Zakat and tax worth SAR 151.85 million in Q1-22, an annual increase of 9.21% from SAR 139.03 million.

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