PV Tech reported that Saudi Arabia's energy ministry had awarded its first solar PV project to renewable energy developer ACWA Power. The agreement to develop the 300 megawatt (MW) solar project in Sakaka,and it was expected to involve a total private sector capital investment of about USD 300 million.

The minister said that the project will reach financial close by Feb. 28, and start commercial operation in 2019.

Saudi Arabia has said it aims to generate 9.5 gigawatts of electricity from renewable energy annually by 2023.