The 700MW Ar Rass project is the largest PV project ever tendered as part of Saudi Arabia's National Renewable Energy Plan. When fully operational, the project will generate energy to power approximately 132,000 homes in central Saudi Arabia. ACWAPower, a leading developer, investor and operator of power generation, desalination and green hydrogen plants, has signed a power purchase agreement with key buyer Saudi Power Procurement Company to develop a 700MW ArRass solar PV IPP in Al Qassim province, Saudi Arabia plant (IPP).

Ar Rass, valued at $450 million (SAR 1.7 billion), is the largest PV project so far tendered as part of Saudi Arabia's National Renewable Energy Program (NREP), and ACWA Power has been earmarked to provide 70 percent of the total project. %, a target of 58.7 GW. Ar Rass IPP is expected to close financially in the fourth quarter of 2022. Under the terms of the agreement, ACWA Power will sell the energy generated by the project to SPPC for a period of 25 years. When fully operational, the project will generate energy to power approximately 132,000 homes in central Saudi Arabia.

The agreement was signed in the presence of Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz Al Saud. ACWA Power, a wholly-owned PIF portfolio company, will hold a 40.1% stake in the facility and Hydropower Holdings (Badeel), a wholly-owned PIF portfolio company, will hold a 20% stake. In addition, the State Power Investment Corporation of China will hold a 39.9% stake.

At the signing ceremony, the energy minister announced that the energy sector aims to launch several renewable energy projects between 2022 and 2023, producing around 15,000 megawatts of clean energy, to diversify the energy mix and achieve its designated goals. Mohammad Abunayyan, Chairman of ACWA Power, said: “As Saudi Arabia’s leadership accelerates its multi-gigawatt plan to diversify its energy mix to include renewables, solar energy is a key component in unlocking positive economic, environmental and social outcomes, whether it be For consumer use, or for larger projects. Keywords: engineering construction, engineering news

“At ACWA Power, we are proud to be part of this larger story and will work to realize the multiplier effect of solar energy, both in job production and emissions reductions. We are grateful to our DOE partners for entrusting us with this important project , so that we can deliver on our mission to provide responsible, reliable and affordable electricity.” In the Kingdom of Saudi Arabia, ACWA Power currently operates a 300 MW solar facility, Sakaka, and is working with Saudi Aramco and a wholly-owned The hydropower holding company has partnered to build Sudair, a 1,500 MW stand-alone solar PV project. PIF portfolio company, considered the largest of its kind in the Kingdom of Saudi Arabia and one of the largest solar projects in the world.Editor/XingWentao