Saudi Power Procurement signs power purchase agreement for 1100 MW

The Saudi Power Procurement Company (SPPC) is pleased to announce the successful signing of a Power Purchase Agreement (PPA) for the 1100 MW Al Henakiyah Solar PV project as part of Round 4 of the National Renewable Energy Program (NREP). The PPA for the Al Henakiyah Solar PV project was signed with a consortium consisting of Abu Dhabi Future Energy Company PJSC (Masdar) as Managing Member, EDF Renouvelables as Technical Member, and Nesma Company Ltd as Consortium Member. This project will contribute to supplying power to around 190 thousand residential units annually.

The LCOE (Levelized Cost of Electricity) for the Al Henakiyah Solar PV project is highly competitive, set at 1.68420 USDc/kWh (6.31575 halalas/kWh). The National Renewable Energy Program is supervised by the Ministry of Energy and is an extension of the energy ecosystem’s efforts towards realizing Vision 2030’s objectives, achieving the optimal energy mix, and displacing liquid fuels in the Kingdom’s power sector. Additionally, the program utilizes vast lands to harness renewable energy resources and increase the share of renewables in the energy mix to around 50% by 2030.