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Saudi ACWA Power Company has signed a Power Purchase Agreement (PPA) with the for three wind power SPVs to develop the 1.5 GW Kungrad wind farm, according to its statement on Sunday.
The statement further noted that PPA valued at $2.4 billion and will lasted 25 years after the completion of construction, as the project is expected to start commercial operation in Q3 2027.
Noteworthy, the project will split into three companies at the site each developing 500 MW wind power plant with each of the project companies entering into a separate PPA.
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