The Saudi Ministry of Energy announced on Tuesday, February 6, 2018, that it has set the selection on the Saudi company “Acwa Power for electricity and water projects”, which is engaged in the development of renewable energy, for the implementation of its first solar project. The project development agreement to be signed with Acwa Power on Wednesday (February 7th).
The project development agreement is also expected to include private capital investment of about $ 300 million, the ministry said.
The ministry stated that the financial closure of the project will be by February 28, 2018, and the commercial operation to start in 2019.
This project, which will be held in Skaka with a capacity of 300 megawatts, comes as Saudi Arabia seeks to generate 9.5 gigawatts of electricity annually from renewable energy sources by 2023.
Worth mentioning that, Acwa Power has close ties to the Saudi government, and the public investment fund, the country’s sovereign fund, has a 13.7 percent stake in the company indirectly through one of its subsidiaries.
