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ACWA Power and AlGihaz Close on Financing for PV Project

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Saudi-based ACWA Power, leading a consortium with AlGihaz Holding Company, announced the successful financial closure of the $319.9 million Sakaka solar project, the first ever utility scale renewable energy project to be developed in Saudi Arabia under the landmark National Renewable Energy Program executed by REPDO (Renewable Energy Project Development Office).
ACWA Power and AlGihaz Close on Financing for PV Project

A new company, Sakaka Solar Energy Company, has been formed with ACWA Power holding 70 percent and AlGihaz 30 percent through its subsidiary AlGihaz Renewable Energy Company, to own the plant. SSEC has concluded a 25 years Power Purchase Agreement with Saudi Power Procurement Company acting as offtaker. The plant is scheduled to become operational towards the end of calendar year 2019.

Paddy Padmanathan, President & Chief Executive Officer of ACWA Power, said, "We are excited to commence construction of this first utility scale PV plant in the Kingdom which will allow us to utilize the considerable expertise and relationships with technology providers and the supply chain we have acquired through the development of 3000MW of renewable energy projects in five other countries over the last seven years.”

Upon completion, the 300 MW Sakaka PV IPP will supply more than 75,000 households with green power while offsetting over 430,000 tonnes of carbon dioxide per year. The project is also expected to create new employment opportunities in fields including construction, operations and maintenance as well as enhancing the local capabilities in terms of local content. 

The engineering, procurement and construction (EPC) contract for the project was awarded to a consortium of Mahindra Susten and Chint. The operations and maintenance agreement was signed with Diaa Sakaka Operation and Maintenance Company, an affiliate of First National Operations & Maintenance Co. Ltd. (NOMAC).

The plant is located in Al Jouf at a site spanning over six square kilometres.

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