Saudi Arabia has five Solar Power Purchase Agreements (PPAs) inked with a developer consortia led by ACWA Power of 12 GW new capacity. In addition to two PPAs of a total of 3 GW, the seven projects are invoiced as the greatest capacity for renewable energy that was signed in a single phase worldwide.
In Saudi Arabia, five purchasing agreements for solar energy (PPAs) have been signed for a total capacity of 12 GW.
The PPAs were signed between the Saudi -Power Procurement Company and a consortium led by ACWA Power that acted as the most important developer, in collaboration with the Water and Electricity Holding Company (Badeel) and Aramco Power.
The solar projects include the 3 GW BIHHA project in the aseer region in southern Saudi Arabia, which has an agreed level of electricity (LCOE) of SAR 0.0484 ($ 0.0129)/kWh.
The PPAs also cover the 3 GW Humaji project in the West -Madinah region, with an LCO of SAR 0.049/kWh, and the 2 GW Khulis project in the West -Mecca region with an LCO of SAR 0.051/kWh.
The five solar PPAs are completed by two 2 GW projects in the Riyadh region, Afif 1 and Afif 2, each with an agreed LCOe of SAR 0.047/kWh.
Another two PPAs, with two wind energy projects with a combined capacity of 3 GW, were also signed. The seven similarities represent the greatest capacity that is signed worldwide for renewable energy projects in a single phase, says a statement from the Saudi Power purchasing company.
Together, the seven projects have a total investment of SAR 31 billion ($ 8.3 billion) in the context of the country’s National Renewable Energy program. Marco Arcelli, Chief Executive Officer of ACWA Power, noted that the similarities are so far the largest and most extensive and most extensive.
Planned to be operational in the second half of 2027 and the first half of 2028, the financial closure of each of the seven projects is expected by the third quarter of this year.
The Saudi Power Procurement Company is a subsidiary of the Saudi electricity company and is responsible for purchasing, selling and trading energy in Saudi Arabia. The work Prepare feasibility studies and projects for generating electricity generation in addition to signing PPAs with Developer Consortia.
According to data available on its website, the company has launched more than 43 GW of projects for generating renewable electricity generation since its foundation. There are PPAs in place for more than 38 GW of capacity, with more than 10 GW already connected to the schedule.
The capacity connected to the grid is expected to reach 12.7 GW by the end of 2025 and surpass 20 GW towards the end of next year.
The cumulative solar capacity of Saudi Arabia surpassed 4.2 GW towards the end of last year, according to figures from the International Renewable Energy Agency (IRENA).
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