- The Saudi Power Procurement Company (SPPC) has selected a consortium led by Abu Dhabi Future Energy Company Masdar as the winner of the 2 GW Al Sadawi Solar PV Project.
- This project is part of round 5 of the National Renewable Energy Program (NREP) that seeks to award 3.7 GW solar PV capacity in the form of 5 large-scale solar PV projects.
The Saudi Power Procurement Company (SPPC) has selected a consortium led by Abu Dhabi Future Energy Company Masdar as the winner of the 2 GW Al Sadawi Solar PV Project selecting it for the ‘highly competitive’ winning bid of $1.2926/kWh.
The other members of the winning consortium are Korea Electric Power Corporation (KEPCO) and GD Power Development Co. The Masdar-led consortium now targets to start commercial operations of the Al Sadawi Solar IPP Project in Q2 2027. SPPC as the principal buyer entered a power purchase agreement (PPA) with the winners on November 19, 2024.
This project is part of round 5 of the National Renewable Energy Program (NREP) that seeks to award 3.7 GW solar PV capacity in 5 large-scale solar PV projects. The winners of the Al Sadawi project beat the other shortlisted consortium of SPIC Huanghe Hydropower Development of China and EDF Renouvelables that offered to build the project for $1.31205/kWh.
Also, SPIC and EDF have also been shortlisted for the 1 GW Al-Masaa and the 400 MW Al-Henakiyah 2 projects.
Furthermore, Saudi Arabia targets to achieve an optimal energy mix and supply 50 per cent of electricity from renewable energy by 2030 under the NREP. By the end of 2024, it would have signed agreements for 25 renewable energy projects representing close to 23 GW. Work on NREP round 6 is ongoing for which the SPPC has allocated 4.5 GW of solar PV and wind energy capacity