Recently, Saudi Power Procurement Company (SPPC) signed power purchase agreements for three photovoltaic projects with a consortium consisting of ACWA Power, Badeel, a wholly-owned subsidiary of the Public Investment Fund (PIF), and Aramco Power, a wholly-owned subsidiary of Saudi Aramco.
The agreement was signed in the presence of Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz Al Saud. The new projects, with a capacity of 5,500 MW, are part of the National Renewable Energy Program overseen by the Ministry of Energy.
The three solar projects are:
Haden Solar PV Power Plant in Makkah Province, with a total capacity of 2,000 MW and an LCOE of 1.58762 cents/kWh (5.95356 Halala/kWh)
Al Muwaih Solar PV Power Plant in Makkah Province, with a total capacity of 2,000 MW and an LCOE of 1.60852 cents/kWh (6.03194 Halala/kWh)
Al Khushaybi PV Power Plant in Qassim Province, with a total capacity of 1,500 MW and an LCOE of 1.67289 cents/kWh (6.27334 Halala/kWh)
Saudi Arabia will tender new renewable energy projects with a total capacity of 20 GW per year starting in 2024, with the goal of reaching 100 to 130 GW by 2030, depending on the growth in electricity demand.
Since the launch of the renewable energy program, 21 projects have been awarded so far, including the projects with a total capacity of 19 GW signed on Wednesday. Of the 21 projects, seven with a total capacity of 4.1 GW have been connected to the grid, eight with a total capacity of 8.2 GW are under construction, and six with a total capacity of 7 GW are in the financial closing stage.
In addition, six new renewable energy projects with a total capacity of 6.7 GW have been tendered since the beginning of 2024. It is planned to tender additional capacity during the current year to achieve an annual tender capacity of 20 GW.
Source: https://guangfu.bjx.com.cn/news/20240628/1385965.shtml
