Saudi Gazette report
RIYADH — Saudi Arabia has signed seven new agreements to buy electrical energy from photo voltaic and wind power tasks with a complete capability of 15,000 megawatts, backed by investments estimated at SR31 billion ($8.3 billion).
The offers are a part of the Kingdom’s Nationwide Renewable Power Program, supervised by the Ministry of Power.
The agreements had been signed within the presence of Minister of Power Prince Abdulaziz bin Salman with a consortium led by ACWA Energy as the principle developer, in partnership with Badeel, an organization owned by the Public Funding Fund (PIF), and Aramco’s power arm, Aramco Energy.
The photo voltaic photovoltaic tasks embody:
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Bisha (Asir Area) — 3,000 MW
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Al-Humaij (Madinah) — 3,000 MW
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Khulais (Makkah) — 2,000 MW
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Afif 1 and a couple of (Riyadh) — 2,000 MW every
Manufacturing prices for these photo voltaic tasks ranged from 4.72 to five.10 halalas per kilowatt-hour.
The wind power tasks are:
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Satara (Riyadh) — 2,000 MW at 7.71 halalas/kWh
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Shaqra (Riyadh) — 1,000 MW at 6.99 halalas/kWh
The simultaneous signing of those large-scale tasks — among the many largest globally — reaffirms Saudi Arabia’s management in renewable power and its functionality to attain a few of the world’s lowest electrical energy era prices.
That is attributed to environment friendly financing fashions and powerful investor confidence within the Kingdom’s enterprise atmosphere.
The Saudi Energy Procurement Firm (SPPC), which serves because the principal purchaser, is chargeable for undertaking research, tenders, and signing energy buy agreements with builders.
Up to now, SPPC has tendered 43,213 MW of renewable power capability. Of this, 38.7 GW has already been contracted, with 10.2 GW related to the grid. The related capability is predicted to succeed in 12.7 GW by the top of 2025, and 20 GW by 2026.