Saudi Arabia has awarded power purchase agreements (PPA) for two of the kingdom’s most highly-anticipated solar projects with a combined capacity of 1GW. The Ar Rass and Saad plants form the backbone of the 1.2GW third phase of the National Renewable Energy Program (NREP), and are due online in the second half of 2023.
The largest project is the $453mn 700MW Ar Rass solar PV plant, which is to be developed by a consortium of Saudi firm Acwa Power (40.1%), China’s SPIC (39.9%) and the Water and Electricity Holding Company (Badeel: 20%) which is wholly owned by Saudi Arabia’s PIF sovereign wealth fund. The consortium will sell energy to the Saudi Power Procurement Company (SPPC) under a 25-year PPA. (CONTINUED - 918 WORDS)