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Saudi Arabia’s Energy Ministry has signed PPAs with the developer teams that won contracts to provide two solar PV IPPs in the country.
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The contract to develop the 700 MW Al-Rass solar PV IPP was awarded to a consortium of Acwa Power , Huanghe Hydropower Development Company (SPIC) and Water & Electricity Holding Company. The consortium offered a levelized electricity cost of $0.015/kWh for the contract. Total project investment is estimated at $450 million.
A second consortium that includes Jinko Power Middle East and Jinko Power Dhafra Holding won the contract for the 300 MW Saad solar IPP at $0.0149/kWh, requiring $220 million in investment.
The schemes are part of the third round of the Energy Ministry’s National Renewable Energy Programme (NREP). Negotiations are underway for the remaining two schemes under NREP’s third round, a 120 MW solar PV IPP at Wadi al-Dawassir and the 80 MW Layla solar PV IPP.