The three corporations behind the 1.1 GW Al Henakiyah Photo voltaic Mission in western Saudi Arabia – Masdar, EDF Renewables and Nesma Firm – stated this week that they’ve signed a 25-year PPA with government-managed SPPC to develop the $1 billion Al Henakiyah Photo voltaic Mission.
In line with the press launch, the businesses gained the contract after submitting “essentially the most cost-competitive bid” of $16.84/MWh as a part of the fourth spherical of the Center Jap nation’s Nationwide Renewable Power Program public sale. The plant is predicted to succeed in monetary shut in early 2024 and will likely be linked to the grid in 2025, the announcement acknowledged.
SPPC, a government-run division tasked with granting vitality undertaking tenders, stated in its personal press launch that the undertaking’s levelized value of electrical energy (LCOE) is SAR 6.31575 ($1.68420)/kWh.
Masdar is a renewable vitality firm based mostly in Saudi Arabia. EDF Renewables develops renewable vitality tasks and is a subsidiary of France-based utility EDF Group. Nesma Dwelling Firm is a enterprise capital firm based mostly in Saudi Arabia.
The 2 bulletins didn’t specify what photo voltaic expertise could be used and on what date the settlement was signed.
In 2020, Saudi Arabia derived 51% of its vitality provide from fuel and 49% from oil, in keeping with the Worldwide Renewable Power Company (IRENA). The nation has elevated its put in photo voltaic capability since that 12 months – solely 59 MW – to 389 MW in 2021 and 390 MW in 2022, in keeping with different IRENA stats.
Saudi Arabia plans to generate 50% of its vitality from renewables by 2030.
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