February 6 (Renewables Now) - Saudi power developer ACWA Power said today it has won the tender to develop the 300-MW Sakaka solar photovoltaic (PV) project in Saudi Arabia.
The company has been awarded a 25-year power purchase agreement (PPA) for the project at a tariff of SAR 0.08782 (USD 0.0234/EUR 0.019) per kWh.
The project, Saudi Arabia's first utility-scale renewable energy plant, is a first step in the country's plan to produce 9.5 GW of renewable energy by 2023. It is located in Al Jouf and will cost SAR 993.75 million.
ACWA Power was one of two bidders shortlisted by the Renewable Energy Project Development Office (REPDO) within Saudi Arabia's Ministry of Energy, Industry and Mineral Resources (MEIM) at the start of January. The other shortlisted party was a consortium led by Marubeni Corp (TYO:8002). A total of eight local and international bidders competed in the tender.
REPDO unveiled in November that EDF Energies Nouvelles (EDF EN) and Abu Dhabi’s renewable energy company Masdar had made the lowest bid of just SAR 0.06697 per kWh.
(SAR 1 = USD 0.267/EUR 0.216)