Saudi offtaker holds investor meetings
28 November 2023
Saudi Power Procurement Company (SPPC) has kicked off the procurement process for the fifth round of Saudi Arabia's National Renewable Energy Programme (NREP) with a market-sounding event in Riyadh last week.
Utility and clean energy developers and investors attended the event, according to industry sources.
SPPC, the kingdom's principal buyer, issued the request for qualifications for the contracts to develop four solar photovoltaic (PV) independent power producer (IPP) projects on 12 November.
It expects to receive statements of qualifications from renewable energy and utility developers and investors by the end of the month.
The following projects and their capacities make up round five of the NREP:
- Al-Sadawi solar IPP (Eastern Province): 2,000MW
- Al-Mas solar IPP (Hail): 1,000MW
- Al-Hinakiyah 2 solar IPP (Medina): 400MW
- Rabigh 2 solar IPP (Mecca): 300MW
Saudi Arabia has publicly tendered over 6,600MW of renewable energy capacity between 2017 and 2023. Solar PV IPPs account for 66 per cent, or about 4,400MW of the total capacity.
Four wind IPPs account for the remaining capacity.
At least three of these renewables schemes are now operational: the 300MW Sakaka solar PV, the 400MW Dumat al-Jandal wind IPP and the Rabigh solar IPP projects.
Round four
SPPC signed the 25-year power-purchase agreements (PPAs) with the successful bidders for the 1,100MW Hinakiyah 1 solar IPP and 400MW Tubarjal solar IPP projects earlier this month.
SPPC signed a PPA with a team led by France's EDF Renewables for the contract to develop the 1,100MW Hinakiyah solar IPP project.
The French firm, in a consortium with Abu Dhabi Future Energy Company (Masdar) and the local company Nesma, proposed to develop the project for $cents1.68 a kilowatt-hour.
SPPC also signed a PPA with a consortium led by China's Jinko Power for the contract to develop and maintain the 400MW Tubarjal solar IPP scheme.
The principal buyer is reviewing the five bids it received in late October for the three wind IPP projects under round four of the NREP.
SPPC is procuring through a public tendering process 30 per cent of the kingdom's target renewable energy installed capacity of 58,700MW by 2030.
Saudi sovereign wealth vehicle, the Public Investment Fund, is procuring the rest through the Price Discovery Scheme.
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