ACWA Power wins the first 300 MW PV Renewable Energy project

By Davis Thattil | Feb 27, 2018
ACWA Power has won Skaka IPP PV solar project, the first utility scale Renewable Energy plant in the Kingdom of Saudi Arabia. This plant is the first of what will be a series of procurement within the visionary and ambitious Saudi national renewable program aiming to produce 9.5 GW of renewable energy by 2023 as a first phase. The 25-year Power Purchase contract was awarded for ACWA Power at a new world record tariff of US Cents 2.3417/kWh (8.781 halalas/kWh).

Mohammad Abdullah Abunayyan, chairman of ACWA Power, said: “We are proud to have set yet another world-record tariff for PV power, now at home and are humbled to be entrusted with the first utility scale renewable energy plant to be developed in the Kingdom, which will be the foundation of the visionary ambitious national program that seeks to maximize the utilization of renewable energy sources, as defined by the National Transformation Program 2020 and the objectives of the Saudi Vision 2030.”

Paddy Padmanathan, president and CEO of ACWA Power, said: “We are very excited to have won this project. Such a rigorous transparent process at a new world-record tariff will set the foundation for a robust and competitive market for renewable energy in the Kingdom, thus enabling Saudi Arabia to take advantage of all intrinsic valuable ingredients available to become a global hub for research.

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