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PIF & ACWA Power's Solar Ventures | |
| Sumita Pawar |
The Water and Electricity Holding Company (Badeel) and ACWA Power have signed power purchase agreements (PPAs) with the Saudi Power Procurement Company (SPPC) for the development of three major new solar PV Independent Power Producer (IPP) projects in Saudi Arabia.
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These projects intend to produce a combined capacity of 4.55 GWac of renewable energy, powering approximately 750,000 households.
Mohammed AlBalaihed, Head of Energy & Utilities at PIF, said, "The three new solar projects are part of PIF’s commitment to develop 70% of Saudi Arabia’s renewable energy by 2030, in line with the National Renewable Energy Programme.
"Renewable energy is one of PIF’s priority sectors, with a focus on unlocking the capabilities of promising sectors and enabling the private sector to enhance Saudi Arabia’s efforts in diversifying the economy."
The Ar Rass 2, Saad 2, and Al Kahfah projects have a combined capacity of approximately 2,000 MWac, 1,125 MWac, and 1,425 MWac of renewable power, respectively, with a combined value of SAR 12.2 billion (US$3.25 billion).
The financial close for these projects is expected by the third quarter of 2023.
The Ministry of Energy aims to achieve the goals of Saudi Arabia’s Vision 2030 by reaching the optimal power generation energy mix by displacing liquid fuels and harnessing renewable energy sources.