SUBSCRIBE
PROFILE

ACWA Power to sell electricity at $0.012/kWh

Share:

Gain full professional access to energynews.pro from 4.90£/month.
Designed for decision-makers, with no long-term commitment.

Over 30,000 articles published since 2021.
150 new market analyses every week to decode global energy trends.

Monthly Digital PRO PASS

Immediate Access
4.90£/month*

No commitment – cancel anytime, activation in 2 minutes.

START NOW — 4.90£/month

*Special launch offer: 1st month at the indicated price, then 14.90 £/month, no long-term commitment.

Annual Digital PRO Pass

Full Annual Access
99£/year*

To access all of energynews.pro without any limits

SUBSCRIBE — 99£/year

*Introductory annual price for year one, automatically renewed at 149.00 £/year from the second year.

Sign up for free to unlock this article

ACWA Power will sell the output of its 1.5 GW Sudair solar project at $0.012/kWh, the second-lowest tariff in the world.
The company has signed a 25-year power purchase agreement (PPA) with a consortium led by Saudi Arabia.

ACWA Power and its 762.3 million euro project

ACWA Power’s 1.5 GW Sudair solar project required a 50% stake from the Public Investment Fund (PIF).
But also the participation of the water and electricity holding company Badeel, a holding company 100% owned by the Saudi sovereign wealth fund.
The merger between ACWA Power and Saudi Power resulted in the signing of a power purchase agreement at the official launch of the SAR 3.4 billion ($906.7 million / €762.3 million) project.
It is one of seven PPAs recently signed for around 3 GW of solar photovoltaic capacity.
These will all go online in the Kingdom.

One of the lowest electricity rates in the world

ACWA intends to develop one of the largest single-contract photovoltaic parks in the country.
To achieve this, the complex will sell electricity at $0.01239, or €0.0084 / kWh.
This will be the second-lowest tariff in the world.
Initial commissioning is scheduled for the second half of next year.
Once fully operational, the solar park will have a staggering production capacity.
In fact, it will be capable of meeting the electricity demand of around 185,000 households a year.

Saudi Arabia aims for 58.7 GW of renewable energy by 2030

The Independent Power Producer (IPP) project will be implemented in line with the FIP commitment.
The latter calls for 70% of Saudi electricity to be renewable.
This is in line with Saudi Arabia’s Vision 2030 plan.
With this program, the Kingdom aims to achieve an installed renewable energy capacity of 58.7 GW.
Solar deployment will account for 40 GW.
This new ACWA Power project joins the 300 MW Sakaka solar park inaugurated on April 9, 2021.
With these projects, the company is demonstrating its determination to reassert itself as a key player in the renewable energies sector.
Saudi Arabia is also multiplying the number of projects on its soil, and is moving in this direction towards a massive deployment of cleaner energies.

  • Popular on energynews.pro
Orazul Energy launches cash tender offer for its 2027 notes
Iraq in talks with ExxonMobil for refining capacities in Asia
Greek shipowners cut Russian crude links under new compliance rules
NatPower Marine and Wah Kwong launch electric port network across 30 Asian ports
Westinghouse and EDF reactors deemed viable for Slovenia’s JEK2 nuclear project
Statkraft France secures new 15.5 MWc solar contract in Marne
Statkraft France won a 15.5 MWc solar project in Mourmelon-le-Grand during the latest national tender round, bringing its total awarded capacity to nearly 70 MWc in less than a year.
Hungary and Poland accelerate solar and battery growth in Central Europe
Solar growth in Central Europe has doubled that of the European Union since 2019, reshaping the energy mix and boosting battery manufacturing in the region.
Cordelio Power commissions 150 MW solar plant in Missouri
Canadian energy producer Cordelio Power has completed commissioning of its Winfield solar project, a 150 MW facility backed by a 15-year contract with Microsoft and a $313mn structured financing deal.
Anza secures over 2 GW of solar modules in 2025 amid new tax constraints
Platform Anza surpassed its 2024 volume in just eight months, responding to developers’ urgency to secure projects ahead of regulatory and fiscal changes expected in 2026.
AGCO signs 10-year deal with BRUC for solar supply in Europe
US-based AGCO has signed a ten-year virtual power purchase agreement with BRUC, covering a 100 MW solar project in Spain, to secure part of its European energy consumption.
Innergex secures 85 MW in France with six agrivoltaic solar projects
Canadian developer Innergex has won all six projects of the Grenier des Essences portfolio for a total of 85 MW, strengthening its position in France’s ground-mounted solar sector.
Canadian Solar launches low-carbon modules reaching 285 kg COâ‚‚eq/kW
Canadian Solar unveils its new low-carbon solar modules integrating heterojunction cells and thinner wafers, achieving up to 24.4% efficiency and a peak power output of 660 Wp.
Elmya and Atlantica partner to develop 4 GW of energy projects in the United States
Elmya Energy and Atlantica Sustainable Infrastructure have created a joint venture targeting 4 GW of renewable energy projects in the United States, focused on the ERCOT and WECC markets.
Louth Callan completes deployment of 28 MW solar park in Maine
Louth Callan has completed the Mousam River solar project in Sanford, marking a key milestone in the deployment of utility-scale energy infrastructure across the United States.
Georgia Power receives approval for 1,068 MW of new solar projects in Georgia
The state regulator has approved five new solar power purchase agreements to support growing demand under the CARES programme, targeting industrial and commercial clients.
Ecoener commissions Guatemala’s largest solar plant with 74.7 MWp
With the commissioning of the El Carrizo plant, Ecoener surpasses 500 MW in installed capacity and becomes the most active Spanish investor in Guatemala’s energy sector.
Aspen Power acquires two community solar projects in New Jersey
Aspen Power has finalised the acquisition of two community solar projects totalling over 1 MWdc in New Jersey, developed by Ecogy Energy, with construction expected to begin shortly.
Tenergie begins construction of 5.14 MWp solar plant in Cabrières d’Avignon
French developer Tenergie has started work on a ground-mounted solar plant at a former quarry, with expected annual output of 7.6 GWh from 2026.
Octopus Energy injects 600 MW into solar and storage in Spain
Octopus Energy strengthens its presence in Spain with three new energy projects totalling 600 MW, powering 2.3 million households and accelerating the expansion of its European renewables portfolio.
VSB Italy launches 6.2 MW solar project on agricultural land in Umbria
VSB Italy has obtained authorisation to build a 6.2 MW agrivoltaic plant in Città della Pieve, combining solar power generation and agricultural cultivation on 10.6 hectares.
Ameren Missouri invests in 250 MW solar plant near Callaway nuclear site
Ameren Missouri announces a 250 MW solar project to power 44,000 homes, reducing delays and costs through strategic development on company-owned land.
France: Verso Energy commissions a 580 kWc agrivoltaic plant in Outarville
Verso Energy has inaugurated an experimental solar power plant in Outarville, testing the integration of photovoltaic panels across three hectares of large-scale crops with a 90% self-consumption rate.
R.Power sells 440MW solar portfolio in Poland amid uncertainties
Independent power producer R.Power is selling a 440MW ready-to-build photovoltaic portfolio in Poland, as political uncertainties drive a wave of divestments in the national renewable energy market.
Grenergy sells 10% of Chilean megaproject to CVC DIF for $475mn
Grenergy has finalised the sale of the fourth phase of its hybrid solar-storage project in Chile to CVC DIF, valued at up to $475mn, while retaining operation and maintenance for five years.
Q ENERGY closes financing for seven hybrid solar plants in Spain
Q ENERGY secures financing for 252 MW of solar projects in Spain, marking its first independent power producer operation on the Iberian Peninsula.

Log in to read this article

You'll also have access to a selection of our best content.