Riyadh – Mubasher: ACWA Power Company signed three power purchase agreements with Saudi Power Procurement Company at an aggregated value of SAR 12.18 billion, equivalent to $3.25 billion.

The deals cover the development, financing, and operation of three large-scale photovoltaic (PV) solar plants in the central and northern regions of Saudi Arabia, according to a bourse disclosure.

Ar Rass 2, Saad 2, and Alkahfah have a production capacity of 2,000 megawatts (MW), 1,125MW, and 1,425MW of renewable power, respectively.

The listed company expected that the financial impact of each project, which holds a 35-year duration period, will reflect after the commercial operation date by the first half (H1) of 2026.

The contracts were inked between Nawwar Renewable Energy Company, Saad Two Renewable Energy Company, and Ishaa Renewable Energy Company, all of which will be owned by ACWA Power and Badeel, a wholly-owned subsidiary of the Public Investment Fund (PIF).

During the first quarter (Q1) of 2023, ACWA Power logged net profits after Zakat and tax valued at SAR 269.73 million, an annual surge of 77.63% from SAR 151.85 million.