Saudi Arabia awards 1,000MW Ar Rass and Saad RE projects

The projects are valued at SAR1.7b and SAR800m, respectively.

Saudi Arabia’s Ministry of Energy announced it has awarded the Ar Rass and Saad Solar photovoltaic (PV) projects, which has a combined capacity of 1,000 megawatts (MW).

The first power purchase agreement (PPA), signed by the Saudi Power Procurement Company (SPPC), was signed for the 700MW Ar Rass Solar PV independent power producer (IPP) with Ar Rass Solar Energy Company.

The project, valued at SAR1.7b, will be located in Al Qassim region with a levelized cost of energy (LCOE) of 5.62HH per kilowatt-hour (kWh).

The second PPA, also signed by SPPC, was for the 300MW Saad Solar PV IPP with a consortium, led by Jinko Power (HK) Company Limited.

The consortium also includes Jinko Power Middle East Holding Co. Ltd. and Jinko Power Dhafra Holding Co. Ltd.

The project, worth SAR800m, will be located in Saad in Riyadh with an LCOE of 5.56HH per kWh.

According to the Ministry of Energy, HRH Prince Abdulaziz announced that the energy ecosystem plans to release additional renewable energy projects with a total capacity of around 15,000MW between 2022 and 2023.

These projects are in line with the implementation of the Saudi Vision 2030 and are intended to contribute in achieving optimal energy mix.

(1SAR = US$0.27)