State-backed Saudi Power Procurement Company (SPPC) has signed power purchase agreements (PPAs) for three new solar photovoltaic (PV) projects, with a total capacity of 5,500 megawatts (MW), with Saudi-listed ACWA Power Company and Water & Electricity Holding Co. (Badeel), a wholly-owned subsidiary of Public Investment Fund and Saudi Aramco Power Company.

The three projects are part of the National Renewable Energy Programme (NREP), the Ministry of Energy said in a statement.

  • The 2,000 MW Haden project in Makkah with a levelised cost of electrcity (LCOE) of 1.58762 US cents per kilowatt-hour (kWh)
  • The 2,000 MW Muyah project in Makkah with a LCOE of 1.60852 US cents per kWH 
  • The 1,500 MW Al-Khashibi project in Qassim with a LCOE of 1.67289 cents per kWH

 
Since the launch of the National Renewable Energy Programme, 21 renewable energy projects have been awarded, collectively exceeding 19 gigawatts (GW) in capacity. 

Seven projects, totalling 4.1 GW, are already connected to the grid, and another eight projects, with a combined capacity of 8.2 GW, are currently under construction. 

Additionally, six projects, with a total capacity of 7 GW, have reached the financial closure stage.

Six new projects with a total capacity of 6.7 GW have been launched since the beginning of 2024. 

The annual plan includes launching additional projects to achieve the interim target of 20 GW of electricity from renewable energy by year-end

Read more: Saudi Arabia initiates mega survey to identify sites for renewable energy projects

Saudi Arabia prequalifies 23 companies for 3.7GW of solar power projects

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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