Solar developers ACWA Power and Jinko Power have both penned power purchase agreements in Saudi Arabia, with the country aiming to launch 15GW of projects in the next two years.
ACWA Power signed the PPA with the Saudi Power Procurement Company (SPPC) for the 700MW Ar Rass project, which is to be built in the Al Qassim province and is expected to be finalised during Q4 2022.
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The PPA duration is for 25 years.
So far it is the largest PV project awarded by Saudi Arabia’s National Renewable Energy Programme, of which ACWA Power will deliver 70% of the 58.7GW goal.
Mohammad Abunayyan, chairman of ACWA Power, said: “We thank our partners in the Ministry of Energy for entrusting us with this important project so that we can work in the delivery of our mission in providing responsible, reliable and affordable power.”
Last year, ACWA Power lead a consortium with Saudi Aramco and the Water and Electricity Holding Company (Badeel) to build Sudair, a 1.5GW solar PV plant in Saudi Arabia.
Saudi Arabia’s minister of energy, Abdulaziz bin Salman bin Abdulaziz Al Saud, said the country intended to launch 15GW of renewable projects between 2022 and 2023.
IMeanwhile, a 300MW PPA was also awarded to Chinese independent power producer (IPP) Jinko Power, the IPP arm of module manufacturer JinkoSolar.
The plant is due to be finished next year nearby Riyadh and will use bifacial solar panels. The duration of the PPA between Jinko Power and the SPPC will also be for 25 years.
Xiande Li, chairman of Jinko Power, said: “The award sets another key milestone in our success in the region and positions us strategically in one of the largest and fastest growing renewable markets globally.”