RIYADH: Saudi ACWA Power Co. announced the signing of a power purchase agreement with Saudi Power Procurement Co. for the Layla PV Solar project, worth SR401 million ($107 million). ACWA won the contract for submitting the lowest bid of 11.2 halala/KWh. Under the agreement, ACWA Power will develop, construct, and operate Layla PV Solar IPP, a plant located in Riyadh, according to a bourse filing. The 91-MW Layla project is being executed to extend the Kingdom’s National Renewable Energy Program, which was proposed by the Minister of Energy. ACWA Power will own 40.1 percent of the project for 30 years.