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

Agreement expected to involve a total private sector capital investment of about $300m
Saudi Arabia has said it aims to generate 9.5 gigawatts of electricity from renewable energy annually by 2023.
By Reuters
Tue 06 Feb 2018 04:18 PM

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.

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Last Updated: Tue 06 Feb 2018 03:32 PM GST

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