A consortium led by China’s Jinko Power has been awarded the contract to develop the 300MW Saad photovoltaic (PV) solar independent power producer (IPP) project under the 3rd round of Saudi Arabia’s National Renewable Energy Programme (NREP).
The Jinko Power consortium, which also contains Jinko Power Dhafra Holding, signed a 25-year power purchase agreement (PPA) with the Saudi Power Procurement Company (SPPC). The consortium had submitted a tariff of SRhalalas5.56255/kWh for the project during the competitive tendering process.
The total cost of the project is estimated to be SR800m ($213m).
The Saad solar IPP plant will use bifacial solar panels, the latest technology that will receive solar irradiation on both the front and backside of the panels, thus increasing energy generation efficiency. Once operational, the plant is expected to reduce Riyadh’s CO2 emissions by more than 0.5 million metric tonnes per year which is equivalent to removing approximately 100,000 cars from the road.
The Saad PV IPP was one of two projects tendered under Category B for the NREP 3rd round.
Energy & Utilities recently reported that a consortium led by the local Acwa Power had signed the power purchase agreement (PPA) for the 700MW Ar-Rass solar PV IPP in Saudi Arabia, the 2nd category B third round project.
The developer is expected to reach financial close for the $450m project in the 4th quarter of 2022, with the PV project expected to be commissioned by the 4th quarter of 2024.
Acwa Power holds a 40.1% stake in the special purpose vehicle (SPV) created to develop and operate the plant, with the local Badeel, a wholly owned entity of state sovereign wealth vehicle Public Investment Fund (PIF), holding 20% and the State Power Investment Corporation from China holding the remaining 39.9%.
The project will produce enough energy to power 132,000 homes in central Saudi Arabia.