Saudi 300MW Solar Project
Author: Source: Datetime: 2018-11-16 12:05:53
The transaction price of the project is only 8.871 halalas / kWh, funded through limited recourse project financing, and all debts are fully insured by Natixis. In addition, the Bank of the Arab States provided equity bridge loans for the transaction.
The two companies formed a new company, SSEC, in which ACWA Power holds 70% of the shares, and AlGihaz holds a 30% stake in its subsidiary AlGihaz Renewables to own the Sakaka photovoltaic power station. As an underwriter, it also signed a 25-year power purchase agreement with Saudi Power Purchasing Corporation (SPPC).
The plant's commercial operation date is scheduled for the end of 2019, Indian company Mahindra Susten and China Chint said to provide EPC services.
The project is undertaken by the Renewable Energy Project Development Office (REPDO) as a landmark national renewable energy program.
ACWA Power's President and CEO said, "We are very pleased to start building this first utility-scale PV plant in the Kingdom of Saudi Arabia project, which will enable us to leverage considerable expertise with technology providers and supply chains. And relationship."
The Saudi Arabian National Renewable Energy Program aims to accelerate the transition to renewable energy resources and ensure energy security at the lowest cost.
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