Kingdom of Saudi Arabia: ACWA Power and AlGihaz Achieve Financial Closure for Sakaka PV IPP
15 Nov 2018
They announced the successful financial closure of the c. SAR 1.2 billion Sakaka PV IPP, the first ever utility scale renewable energy project to be developed in the Kingdom of Saudi Arabia under the landmark National Renewable Energy Program executed by REPDO.
A new company “Sakaka Solar Energy Company (SSEC)” has been formed with ACWA Power holding 70% and AlGihaz 30% through its subsidiary AlGihaz Renewable Energy Company to own the Sakaka PV Plant. SSEC has concluded a 25 years Power Purchase Agreement with Saudi Power Procurement Company (SPPC) acting as offtaker.