01 April 2022

Saudi Arabia’s Ministry of Energy has awarded contracts for Ar Rass and Saad Solar renewable energy projects with a total capacity of 1,000 MW.

Saudi Power Procurement Company (SPPC), the principal buyer, signed all the project-related agreements including the power purchase agreements (PPAs) with the winning consortia, said a Saudi Press Agency report.

The first PPA was signed for the 700 MW Ar Rass solar photovoltaic (PV) independent power project (IPP) with Ar Rass Solar Energy Company (with Acwa Power as the managing and technical member, and SPIC and WEHC as consortium members). The project, located in Qassim, is valued at SR1.7 billion ($453.1 million) with an LCOE (levellised cost of energy) of 5.62 HH/kWh.

The second PPA was for the 300 MW Saad Solar PV IPP was signed with a consortium led by Jinko Power (HK) Company as the managing and technical member, and Jinko Power Middle East Holding Company and Jinko Power Dhafra Holding Company as consortium members. The project is valued at around SR800 million and located in Saad within the Riyadh region. It has an LCOE of 5.56 HH/kWh.

The two projects will supply enough energy to power over 180,000 households, while reducing more than 1.75 million tons of carbon emissions per year.

Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz announced that Saudi Arabia aims to release additional renewable energy projects with a total capacity of around 15,000 MW in 2022 and 2023.  

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