Saudi Arabia Signs Power Purchase Agreements for 1.7 GW Solar Projects

10 Dec 2024 CW Team

The Saudi Power Procurement Company (SPPC) has signed power purchase agreements for three new solar photovoltaic projects totalling 1.7 GW as part of its National Renewable Energy Program (NREP). This marks the fifth round of the program, during which SPPC also shortlisted bids for an additional 3.7 GW capacity. The awarded projects, Al-Masaa, Al-Henakiyah 2, and Rabigh 2, will be developed as independent power plants (IPPs) and were assigned to both international and local consortiums following competitive bidding. These efforts align with Saudi Arabia’s ambitious goal of sourcing 50% of its electricity from renewable energy by 2030. Project details • Al-Masaa IPP (1 GW): Located in Hail province, awarded to a consortium led by China’s SPIC Huanghe Hydropower and France’s EDF Renouvelables, with a record-low tariff of SAR0.051/kWh. • Al-Henakiyah 2 IPP (400 MW): Situated in Madinah province, awarded to the SPIC-EDF consortium at SAR0.056/kWh. • Rabigh 2 IPP (300 MW): Located in Makah province, awarded to a consortium of Saudi Arabia’s Al Jomaih Energy and Water Company and TotalEnergies Renewables, with a tariff of SAR0.066/kWh. Recent developments In November, Jinko Power Technology reached financial closure for its 400 MW Tabarjal solar project, slated to begin operations in 2025 under a 25-year Power Purchase Agreement at a tariff of $0.017/kWh. Additionally, SPPC selected a consortium including Abu Dhabi Future Energy Company (Masdar), KEPCO, and GD Power Development Company to develop the 2 GW Al Sadawi Solar Project. SPPC also launched tender documents for the sixth NREP round in September, aimed at 4.5 GW of renewable energy projects. To date, SPPC has allocated over 19 GW of renewable energy capacity through NREP. (Mercom)

Real Estate

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