ACWA Power Company announced the signing of the purchase agreement for the Laila solar photovoltaic project with a production capacity of 91 megawatts, located in the Al-Aflaj Governorate in the Riyadh region in the Kingdom of Saudi Arabia.
The company said in a statement to the Saudi market (Tadawul), today, Sunday, that the contract is worth 401 million riyals, and has a term of 30 years, and its financial impact is expected to appear after the start of the contract. Commercial operation and expected in the first quarter of 2024.
By submitting the lowest bid at a tariff of 11.2 Halalas/kWh, the company was able to win the project as part of the third round of the renewable energy program proposed by the Ministry of Energy.
The agreement was signed between Laila Solar Company (the project company of ACWA Power) and the Saudi Energy Procurement Company (the main buyer).
The Laila project is an extension of the solar photovoltaic projects in the region, which have been proposed by the Ministry of Energy within the National Renewable Energy Program in Saudi Arabia so far, and ACWA Power will own 40.1% from the project.
On the other hand, ACWA Power announced, also today, the start-up of the Floor 2 project, with a production capacity of 227,000 cubic meters of desalinated water and 1,500 megawatts of energy. daily and located in the Kingdom of Bahrain.
The company said in a separate statement to the stock exchange, that it owns a 60% stake in Haya for Power Production and Water Desalination (the project company).
It indicated that the financial impact of the previous information will appear on the company's financial results starting from the third quarter of this year.
