Co-owner ACWA Power has commissioned The 700-MW Ar Rass solar photovoltaic project located in Qassim province, north of Riyadh. The electricity from Ar Rass will go to the national grid under a 25-year offtake agreement with the Saudi Power Procurement Company (SPPC).
According to ACWA Power’s website, the total investment value for the development, construction and operation of the facility is $450 million. Riyadh-based ACWA holds of 40.1% in the project company. Other members of the consortium are China’s SPIC (Huanghe Hydropower Development Co. Ltd.) and Water and Electricity Holding Company (Badeel), which is wholly owned by the Public Investment Fund.
The project was signed in March 2022 as a ‘Build, Own, Operate’ with ACWA Power taking the lead in the construction, engineering, operation and maintenance. It is part of round three of the National Renewable Energy Program (NREP) by the Saudi Ministry of Energy.
The Ar Rass plant will be capable of powering 132,000 homes, offsetting nearly 1.5 million tons of emissions per year.
The Ar Rass plant is one of four domestic solar projects ACWA intends to launch in 2024. Together the four solar projects will have a combined capacity of 2,620 MW and a total investment of $3.06 billion.
Renewables Now, https://renewablesnow.com/news/acwa-power-to-commission-26-gw-of-saudi-solar-projects-by-end-2024-865509/
Writing for SolarQuarter, Pooja Chandak notes that:
“Starting in 2024, Saudi Arabia plans to tender new renewable energy projects annually, aiming for a total capacity of 20 GW per year. The objective is to achieve a cumulative capacity of between 100 to 130 GW by 2030, depending on electricity demand growth.
Since the inception of the renewables program, 21 projects have been awarded, totaling 19 GW. This includes the newly signed projects. Of these, 7 projects with a total capacity of 4.1 GW are now connected to the grid, 8 projects totaling 8.2 GW are under construction, and 6 projects with a total capacity of 7 GW are in the financial close stage.
Moreover, since the beginning of 2024, six new renewable energy projects have been tendered, adding up to a total capacity of 6.7 GW. Additional capacities are expected to be tendered throughout the year to meet the 20 GW annual target.”
