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ACWA Power signed, on June 2, a power purchase agreement (PPA) for Layla Photovoltaic (PV) Solar IPP at a total value of SAR 401 million.
The agreement, which is valid for 30 years, aims at the development, construction, and operation of the 91-megawatt (MW) project, located in Al-Aflaj governorate, Riyadh, ACWA Power said in a statement to Tadawul.
The PPA was signed between Layla Solar Energy Co., the project’s company and affiliate of ACWA Power, and Saudi Power Procurement Co. (principal buyer).
ACWA Power will own 40.1% of the project, the Saudi utility added, expecting the relevant financial impact to show after the launch of commercial operations expected in the first quarter of 2024.
Layla PV project was tendered as part of round three of the National Renewable Energy Program by the Ministry of Energy. The Tadawul-listed company submitted the lowest bid of SAR 0.112/ kilowatt-hour.
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