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ACWA Power Co. said that the financial impact relevant to Ar Rass 700 MW photovoltaic (PV) solar plant will likely appear after the launch of the project’s commercial operations by Q4 2024, according to a bourse statement.
Ar Rass project is the largest PV that was tendered by the Ministry of Energy, under the National Renewable Energy Programme (NREP). ACWA Power will own 40.1% of the project.
The Ministry of Energy, in a statement on March 7, said that Saudi Energy Procurement Co. (the principal buyer) signed two power purchase agreements with the two winning consortiums. The first for the Ar Rass solar photovoltaic project in the Qassim region, with the Ar Rass Solar Energy Co., which is owned by a consortium including ACWA Power, SPIC, and Water and Electricity Holding Co. (WEHC).
The production capacity of the project is 700 megawatts, with a total investment of nearly SAR 1.7 billion. The cost of purchasing electricity is 5.62 halalas/kWh.
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