Advertisement
| 06 February, 2018

Saudi Arabia awards ACWA Power its first 300 MW solar PV project

The project will start commercial operation in 2019

Image used for illustrative purpose.
ACWA Power’s three Solar PV projects for 165.5MWp under Round 2 of Egypt FiT program II reach financial close.

Image used for illustrative purpose. ACWA Power’s three Solar PV projects for 165.5MWp under Round 2 of Egypt FiT program II reach financial close.

ACWA Power/Handout via Thomson Reuters Zawya
DUBAI - Saudi Arabia's energy ministry said on Tuesday it had awarded its first solar PV project to renewable energy developer ACWA Power.

The agreement to develop the 300 megawatt (MW) solar project in Sakaka, will be signed with ACWA on Wednesday, the ministry said, adding it was expected to involve a total private sector capital investment of about $300 million.

The project will reach financial close by Feb. 28, and start commercial operation in 2019, the ministry said in a statement.

Saudi Arabia has said it aims to generate 9.5 gigawatts of electricity from renewable energy annually by 2023.

(Reporting by Rania El Gamal, editing by David Evans) ((rania.elgamal@thomsonreuters.com; +971 562 160 434; Reuters Messaging: rania.elgamal.reuters.com@reuters.net ; Twitter: ))