Saudi Arabia selects ACWA Power for 300MW solar project

The project will reach financial close by February 28



Saudi Arabia’s energy ministry said on Tuesday it had awarded its first solar PV project to renewable energy developer ACWA Power.

The agreement to develop the 300 megawatt (MW) solar project in Sakaka, will be signed with ACWA on Wednesday, the ministry said, adding it was expected to involve a total private sector capital investment of about $300m

The project will reach financial close by February 28, and start commercial operation in 2019, the ministry said in a statement.

Read: UAE’s Masdar, EDF Energies lead bidding for Saudi solar plant

Saudi Arabia has said it aims to generate 9.5 gigawatts of electricity from renewable energy annually by 2023.