Saudi Arabia-based ACWA Power has announced the financial closure of the 300 MW Sakaka solar project under the National Renewable Energy Programme. This is the first utility-scale renewable energy project developed in the country. ACWA Power holds a 70 per cent share in the project. In addition, SSEC has signed a power purchase agreement with the Saudi Power Procurement Company for a period of 25 years. The project is scheduled for commercial operation towards the end of 2019. After its completion, the solar plant will supply power to more than 75,000 households and reduce 430,000 tonnes of carbon dioxide per year.