The US has approved several utility-scale solar/battery storage projects, which will see solar power generation increasing by 75 per cent in 2024 and 2025, according to the US Energy Information Administration. Given this rise, coal's share of electricit
Badeel will hold a 34.9 per cent stake in the three project companies Image Credit: @SEIA | X

Dubai: ACWA Power Co. announces the signing of power purchase agreements (PPAs) valued at $3.3 billion (Dh12.1 billion).

These agreements are aimed at developing, implementing, and operating three significant solar photovoltaic (PV) energy projects located in Haden, Muwayh, and Al Khushaybi.

According to ACWA Power's statement to Tadawul, the projects will be situated in the western and northern regions of Saudi Arabia, boasting respective capacities of 2,000 MW, 2,000 MW, and 1,500 MW.

The PPAs were formally executed between Saudi Power Procurement Co. and the project companies, represented by Buraiq Renewable Energy Co., Moya Renewable Energy Co., and Nabah Renewable Energy Co. These entities will be jointly owned by ACWA Power, Water and Electricity Holding Co. (Badeel), a wholly owned subsidiary of the Public Investment Fund, and Saudi Aramco Power Co.

The contracts encompass the full spectrum of activities including development, financing, construction, ownership, and operation of three solar PV power plants, each under a 25-year duration. The financial impacts are expected to materialise in the first half of 2027, as highlighted in the statement.

Badeel will hold a 34.9 per cent stake in the three project companies as a related party.