Meed | Neom renewables IPP advisory work continues

Neom renewables IPP advisory work continues

30 July 2024

Advisory work is continuing for the 3GW first phase of Neom's renewable energy independent power producer (IPP) project.

According to a source close to the project, final approvals are being obtained for the tender documents, with the procurement process expected to start by the end of the year – a year later than initially expected.

MEED previously reported that up to 55,000MW of renewable energy projects are being planned by Neom.

Neom is understood to have appointed SMBC Advisory Services as its financial adviser for the first phase of the renewable energy IPP programme.

It will work with Boston Consulting Group, the project’s strategy adviser.

The $500bn gigaproject in northwest Saudi Arabia will be powered by renewable energy by 2030. It will also host industrial facilities such as the $8.5bn green hydrogen-based ammonia production complex and water desalination plants.

Neom's utility subsidiary, Enowa, is evaluating the best and final offers for a contract to build a 1.2GW wind farm in Gayal, catering to the development.

Bidders submitted their best and final offers for the contract earlier this month. The project is being procured as an engineering, procurement and construction (EPC) contract.

Enowa is also evaluating the EPC bids it received in March for an 800MW solar farm in Shiqri.

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Jennifer Aguinaldo