In the presence of HRH Minister of Energy, Prince Abdulaziz bin Salman, Saudi Arabia’s Ministry of Energy announces the award of Ar Rass and Saad Solar PV Projects with a total capacity of 1000 MW.
The Saudi Power Procurement Company (SPPC), the principal buyer, signed all the projects’ related agreements including the Power Purchase Agreements (PPA’s) with the winning consortia.
Ar Rass Solar PV IPP:
The first PPA signed was for the 700MW Ar Rass Solar PV IPP with Ar Rass Solar Energy Company (owned by ACWA Power as Managing and Technical member, SPIC and WEHC as consortium members). The project is valued SAR 1.7 billion and located in Al Qassim region in the Kingdom of Saudi Arabia, with an LCOE of 5.62 HH/kWh.
Saad Solar PV IPP:
The second PPA signed was for the 300MW Saad Solar PV IPP with a consortium led by Jinko Power (HK) Company Limited as a Managing and Technical member, Jinko Power Middle East Holding Co. Ltd and Jinko Power Dhafra Holding Co. Ltd as consortium members. The project is valued around SAR 800 Million SAR and located in Saad within Riyadh region in the Kingdom of Saudi Arabia, with an LCOE of 5.56 HH/kWh.
On this occasion, HRH Prince Abdulaziz announced that the energy ecosystem, in its endeavor to reach the optimal energy mix, aims to release additional renewable energy projects with a total capacity of around 15,000 MW in 2022 and 2023.
The two projects will supply enough energy to power over 180,000 households, while avoiding over 1.75 Million tons of carbon emissions per year.
The Ministry of Energy tenders renewable energy projects based on Independent Power Producer (IPP) scheme, supported by 25-year-long power purchase agreements with the Saudi Power Purchasing Company.
Earlier during April 2021, Saudi Arabia signed Power Purchase Agreement for 2,970MW Solar PV Projects (read more)
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