acwa power

Fifth phase of 5GW Mohammed bin Rashid Al Maktoum Solar Park will be deployed by ACWA, GIC-led consortium, chosen last November after tabling bids of US$0.016953/kWh

ACWA Power-led consortium taps six international and local lenders for US$275 million in senior debt.

Middle Eastern kingdom launches third round of renewable programme to find developers for four solar plants, adding to the six PV projects yet to be awarded under the second round.

ACWA Power has penned two long-term power purchase agreements (PPAs) with Ethiopia’s state-owned Ethiopian Electric Power for 250MWac of solar in the nation.

Connection of 300MW venture by ACWA Power and AlGihaz comes after their world-record bid of 8.781 halalas/kWh (US$2.34/kWh) in the first round of Saudi Arabia's renewable tender programme.

The utility said the winning bid of $1.6953 cents per kWh is a world record for "PV solar power projects based on the IPP model."

In an email exchange with PV Tech, the Dubai utility declined to comment on whether the tariff – allegedly submitted by a consortium led by Saudi Arabia's ACWA – was correct, with its CEO telling Bloomberg on Sunday it was "the lowest price worldwide."

Saudi firm, one of five firms to submit proposals for two World Bank-backed projects, said to have produced Africa-wide milestone with tariff of US$25.26/MWh.

Deal brings Beijing’s fund for the Belt and Road Initiative closer to 1.668GW Saudi clean energy developer it has partnered with for past PV projects.

ACWA Power continues its success in the Gulf with a victory in Oman.