ACWA Power has signed power purchase agreements (PPAs) worth 12.3 billion Saudi riyals ($3.3 billion) to develop, implement, and operate three major solar photovoltaic (PV) projects.

The three projects, located in Haden, Muwayh and Al Khushaybi, will have a capacity of 2,000 MW, 2,000 MW, and 1,500 MW each, the company said in a statement published on the Saudi stock exchange.
 
The PPAs were signed between the Saudi Power Procurement Company (SPPC) and the project companies: Buraiq Renewable Energy, Moya Renewable Energy and Nabah Renewable Energy. 

These companies will be jointly owned by ACWA Power, Water and Electricity Holding Co. (Badeel), a wholly owned subsidiary of the Public Investment Fund and Saudi Aramco Power Company.

Read more: Saudi Arabia accelerates renewable energy push with 5.5 GW solar power deals

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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