ACWA Power announced the official inauguration of the 300 MW Sakaka PV IPP, KSA’s first utility scale renewable energy project, at an investment value of 1.2 billion Saudi riyals.
The ceremony was held under the patronage of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister and Minister of Defense, and in the presence of His Royal Highness Prince Abdulaziz Bin Salman Bin Abdulaziz Al Saud, Saudi Minister of Energy, and Prince Faisal bin Nawaf bin Abdulaziz, Governor of Al-Jouf Region, and senior government officials and representatives from the KSA Ministry of Energy, Al Jouf region, and ACWA Power.
The Sakaka project was developed by ACWA Power, together with various Saudi companies that have worked alongside ACWA Power.
His Royal Highness Prince Abdulaziz Bin Salman Bin Abdulaziz Al Saud, Saudi Minister of Energy said: “The inauguration of Sakaka PV IPP marks a pivotal moment in the continued energy diversification and development plans of Saudi Arabia. The project was awarded to an ACWA Power led consortium at a world record tariff, at the time, of 8.781 halalas/kWh in 2018, which has paved the way for subsequent projects of the National Renewable Energy Program (NREP) to lower the cost of clean solar electricity in the Kingdom.”
“I am delighted to partake in the phenomenal achievement of inaugurating the first renewable energy plant in the Kingdom, which affirms ACWA Power’s role as a leading Saudi national company that has been at the forefront of the energy transition – not only in the Kingdom, but also in a growing number of international key markets. We are proud to extend our market leadership, contributing to the mission to achieve the goals of Vision 2030,” added Mohammad Abunayyan, ACWA Power Chairman.
Al Gihaz Holding, a major Saudi contractor and investor, owns a 30 percent stake in the Sakaka Solar Energy Company (SSEC), alongside ACWA Power's 70 percent stake, and was instrumental in both the investment, engineering, procurement and construction of the project.