SPPC has signed Power Purchase Agreements for three new solar photovoltaic projects
23 May 2023
News
Under the National Renewable Energy Programme, the Saudi Power Procurement Company (SPPC) has signed Power Purchase Agreements (PPA) for three new solar photovoltaic projects.
The contracts were made with a group consisting of the Water & Electricity Holding Company (Badeel), a fully-owned subsidiary of the Public Investment Fund (PIF), and the ACWA Power Company.
The three solar projects—Ar Rass2, Saad 2, and Al Kahfa—will have a total capacity of 4,550 MW and be capable of supplying 750,000 homes with electricity each year. The projects' LCOE (Levelized Cost of Electricity), which ranges from 6.36 to 6.72 halalas/kWh, is quite competitive.
The Ministry of Energy oversees the National Renewable Energy Program's execution, which is a continuation of the energy ecosystem's efforts to realise Vision 2030's goals, achieve the ideal energy mix, and phase out liquid fuels from the Kingdom's power sector.
In order to raise the proportion of renewable energy sources in the energy mix to almost 50% by 2030, the programme makes use of huge areas.
