The company said in a statement to the Saudi Stock Exchange on Sunday that the generating capacity of the first station, “Al-Rass 2”, is 2,000 megawatts, the second, “Saad 2”, is 1,125 megawatts, and the third station, “Al-Kahfah”, is 1,425 megawatts.
The statement said the agreements were signed with the Saudi Energy Procurement Company, with the project companies represented by Nawar Renewable Energy Company, Saad Al Thani Renewable Energy Company and Isha’a Renewable Energy Company.
According to the statement, the three project companies are owned by ACWA Power and BADIL, a subsidiary of the Public Investment Fund, which owns 49.9% of each of the three companies.
ACWA Power was established in 2004 and operates as a developer, investor and operator of power and water desalination plants. The Saudi sovereign wealth fund owns around 45% of its shares, which went public in October 2021.
According to the release, the contract award for the three power plants to ACWA Power was announced and signed today, Sunday, which includes “the development, financing, construction and operation of three solar power plants.”
The term of the contract is 35 years for each agreement. The company said the financial impact of these projects will become clear after commercial operation is expected in the first half of 2026.
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