Saudi SPPC Signs USD 9.3 Billion PPAs for Thermal and Solar Energy Projects
Saudi Power Procurement Company (SPPC) inks agreements for 5 energy projects totaling 9,200 MW, including 7,200 MW thermal and 2,000 MW solar. Investments worth SAR 35 billion align with Vision 2030’s balanced energy mix of gas and renewables.
November 19, 2024. By EI News Network
Key thermal projects include Rumah and Nairyah with a combined capacity of 7,200 MW. These plants will use natural gas as the primary fuel and feature carbon capture technology. The Rumah and Nairyah projects are scheduled for commercial operation in Q2 2028.
The LCOEs for these projects are 4.5859 Cents/kWh and 4.6114 Cents/kWh for Rumah 1 and Nairyah 1, respectively, and 4.5613 Cents/kWh and 4.4960 Cents/kWh for Rumah 2 and Nairyah 2.
Additionally, the Al Sadawi Solar PV project, part of Saudi Arabia’s National Renewable Energy Program (NREP), will generate 2,000 MW of solar power and is expected to begin operations in Q2 2027.
The PPA for this project was signed with a consortium including Masdar, KEPCO, and GD Power Development. The solar project will deliver clean energy at a highly competitive LCOE of 1.2926 Cents/kWh.
In total, these projects represent an investment of approximately 35 billion Saudi Riyals (USD 9.3 billion) and are key to advancing Saudi Vision 2030, which aims for a balanced energy mix of gas and renewable energy. By the end of 2024, Saudi Arabia will have signed agreements for 25 renewable energy projects generating about 23 GW of electricity.
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