PROJECTS: India’s LT to build mega Saudi solar power project

PROJECTS: India’s LT to build mega Saudi solar power project

India's Larsen & Toubro announced on Sunday that it has won a construction contract for Saudi Arabia's largest solar photovoltaic (PV) plant with a signed power purchase agreement.The engineering conglomerate said in a statement that the renewables arm of its Power Transmission & Distribution Business secured a turnkey Engineering, Procurement and Construction (EPC) contract for the 1.5-gigawatt (GW) Sudair Solar PV Project.The contract was awarded by a consortium of ACWA Power and the Water and Electricity Holding Company, a subsidiary of the Public Investments Fund (PIF), the L&T press statement said.The Sudair award follows the official inauguration of the 300-megawatt (MW) Sakaka PV Independent Power Project (IPP), Saudi Arabia's first utility-scale renewable energy project, this week.L&T's statement didn't disclose actual contract value but said it is a 'major' contract, which the company has categorises in the 5,000 to 7,000 Indian Rupee crores ($669 million to $937 million) range.   Earlier this week, local newspaper Arab News had reported that the consortium would invest 3.4 billion Saudi riyals ($907 million) in the project.The L&T statement said the project would come up on a 30.8-square kilometre land parcel in Riyadh Province.The Sudair Solar PV Project, according to the statement, forms part of the