ACWA Power Co. announces signing a contract with Saudi Power Procurement Company (SPPC).
| Element List | Explanation |
|---|---|
| Introduction | ACWA Power Company announces the signing of a power purchase agreement of the largest PV Solar Plant in MENA region "Al Shuaibah Two PV Solar Energy Plant”, located in Makkah, with a production capacity of 2060MW.
The PPA has been signed between Shuaibah Two Electrical Energy Company (Project company owned by ACWA Power) and Saudi Power Procurement Company (SPPC). |
| Date of Announcement of the Award | 2022-11-29 Corresponding to 1444-05-05 |
| Contract Subject Matter | Power Purchase Agreement |
| Date of Signing the Contract | 2022-11-29 Corresponding to 1444-05-05 |
| Contract Value | US$ 1.75 Billion |
| Contract Details | Development, financing, build, own and operation of 2060 MW of the Shuaibah Two PV Solar Energy Plant. |
| Contract Duration | 35 years |
| Financial Impact and the Relevant Period | The financial impact of the contracted revenues is expected to materialize after the Commercial Operation Date (PCOD) by Q4 2025. |
| Related Parties | Public Investment Fund will be a partner in this project and will hold an 50% equity stake in Shuaibah Two Electrical Energy Company. |
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