Saudi ACWA Power Co. has signed a power purchase agreement with Saudi Power Procurement Co. for the Layla PV Solar project worth $107 million.
The company won the contract for submitting the lowest bid of 11.2 halala/KWh.
According to the agreement, ACWA Power will develop, construct, and operate Layla PV Solar IPP, a plant located in Riyadh, according to a bourse filing.
The 91-MW Layla project is being executed to extend the Kingdom’s National Renewable Energy Program, which was proposed by the Minister of Energy.
ACWA Power will own 40.1 percent of the project for 30 years.