acwa power

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.

Huawei has been chosen as the sole inverter supplier for Saudi Arabia’s 300MW Sakaka plant, the first large-scale solar project in the country.

A consortium of Saudi-based developer ACWA Power and contractor AlGihaz have closed financing of the SAR1.2 billion (US$319 million) Sakaka solar project standing at 300MW in Al Jouf, Saudi Arabia, a project that attracted headlines across the world last year after the government chose ACWA Power despite Masdar putting in the lowest ever solar bid.

A Saudi Arabian sovereign wealth fund has taken a 15.2% stake in ACWA Power, a dominant solar power developer in the Middle East.