Local consortium signs agreements for two solar projects in Saudi Arabia

A consortium led by Tamasuk Holding Company has signed the power purchase agreements (PPAs) to develop two photovoltaic (PV) solar projects under the second round of Saudi Arabia’s National Renewable Energy Programme (NREP)

 

A consortium led by the local Tamasuk Holding Company has signed the power purchase agreements (PPAs) to develop two photovoltaic (PV) solar projects under the second round of Saudi Arabia’s National Renewable Energy Programme (NREP).

The consortium, which also contains Alfanar Construction and Desert Technologies, has been appointed to develop the 50MW Medina PV independent power producer (IPP) project and 20MW Rafha PV IPP, the two category A projects tendered under the second NREP round.

Energy & Utilities reported in April 2020 that the Alfanar/Tamasuk consortium had submitted the lowest tariffs for both projects.

For the 50MW Medina PV IPP, the consortium submitted the lowest levlised cost of electricity (LCOE) tariff of of SRh7.27/kWh. For the 20MW Rafha PV IPP, the consortium submitted the lowest LCOE tariff of SRh13.0772/kWh.

The consortium has signed a 25-year power purchase agreement (PPA) with the Saudi Procurement Company (SPPC) as offtaker.

Synergy Consulting provided financial advisory services to the consortium for both projects.

The projects are part of Saudi Arabia’s ambitious plans to develop 58.7GW of clean energy capacity by 2030.