Saudi Power Procurement Company (SPPC) has inked power purchase agreements (PPAs) for three solar projects totaling 5.5 GW. The agreements were signed with a consortium of ACWA Power, Badeel, and Aramco Power.
These projects include Haden Solar PV and Al-Muwaih Solar PV, each with a capacity of 2,000 MW and located in Makkah Province, as well as Al-Khushaybi PV in Qassim Province, which has a capacity of 1,500 MW.
Furthermore, the Haden Solar PV project offers a LCOE of 1.58762 cents/kWh, while the LCOE for Al-Muwaih Solar PV is 1.60852 cents/kWh. Al-Khushaybi PV has a LCOE of 1.67289 cents/kWh. The new projects are components of the National Renewable Energy Programme, managed by the Energy Ministry of Saudi Arabia.
In February 2024, SPPC released a list of eligible bidders for the fifth round of solar auction with a combined capacity of 3.7 GW. The projects were announced as part of the country’s National Renewable Energy Programme, and they include several renowned renewable energy providers.
REGlobal’s Views: Saudi Arabia has been making significant strides in the renewable energy space. Since the launch of the renewable energy programme, 21 projects with 19 GW of capacity have been awarded. Out of this, seven projects are connected to the grid, eight are under construction and six have reached financial closure stage. Further, six new projects have been launched in the year 2024 itself.
