Saudi Arabia awards 1GW Ar Rass & Saad Solar power projects

Saudi Arabia awards 1GW Ar Rass & Saad Solar power projects

Saudi Arabia’s Ministry of Energy has awarded Ar Rass and Saad Solar renewable energy projects with a total capacity of 1 gigawatt (GW).

The Saudi Power Procurement Company (SPPC), the principal buyer, has signed all the projects’ related agreements including the 25-year Power Purchase Agreements (PPAs) with the winning consortia.

The first PPA was signed for the 700 megawatts (MW) plant with Ar Rass Solar Energy Company, which is owned by a consortium led by ACWA Power. SPIC and WEHC are the other members of the consortium. The project is valued at $450 million and is located in the central Al Qassim region in Saudi Arabia, with a Levelized Cost of Energy (LCOE) of 5.62 HH/kWh.

The second PPA was signed for the 300MW Saad Solar PV IPP with a consortium led by Chinese company Jinko Power (HK) as a Managing and Technical member, Jinko Power Middle East Holding and Jinko Power Dhafra Holding as consortium members.

The project is valued at around $213 million and is located in Saad within the Riyadh region in Saudi Arabia, with an LCOE of 5.56 HH/kWh.

Saudi Arabia plans to add renewable energy projects with a total capacity of around 15GW in 2022 and 2023, the Kingdom’s Minister