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RIYADH: Saudi energy company ACWA Power signed a power purchase agreement for Ar Rass project, a 700MW PV plant located in Al Qassim province in Saudi Arabia.
The power purchase agreement was signed between Acwa Power and Ar Rass Solar Energy Co.
The project is valued at SR1.7 billion ($450 million).
Acwa was awarded the project after it submitted the lowest bid of 5.62 halala/KWh.
Now, Acwa Power will effectively own 40.1 percent of the Ar Rass project, touted to be the largest PV that has been tendered by Saudi Arabia's Ministry of Energy.
The ministry said in a tweet on Monday that it has signed the power purchase agreements for Ar Rass and Sied projects, with a total generation capacity of 1000 megawatt.