ACWA Power announced the signing of the purchase agreement for the Layla solar photovoltaic project, with a production capacity of 91 megawatts, located in the Al-Aflaj Governorate of the Riyadh region in Saudi Arabia.
ACWA Power said, in a statement on “Saudi Tadawul”, today, Sunday, that by submitting the lowest bid at a tariff of 11.2 Halalas / kWh, it was able to win the project as part of the third round of the renewable energy program proposed by the Ministry of Energy.
She added that the agreement was signed between Laila Solar Company, the project company of ACWA Power, and the Saudi Energy Procurement Company (the main buyer), where the value of the project is approximately 401 million riyals.
She explained that the contract includes the development, construction and operation of the Laila solar photovoltaic plant with a capacity of 91 megawatts, and a duration of 30 years.
She pointed out that the Laila project is an extension of the solar photovoltaic projects in the region, which has been put forward by the Ministry of Energy within the National Renewable Energy Program in Saudi Arabia so far, and ACWA Power will own 40.1% of the project.
And it expected that the financial impact will appear after the start of commercial operations, and it is expected in the first quarter of 2024.