Masdar consortium reaches financial close for Jeddah PV solar IPP
A consortium led by UAE-based Masdar has reached financial close for the Jeddah photovoltaic (PV) solar independent power producer (IPP) project in Saudi Arabia
A consortium led by UAE-based Masdar has reached financial close for the Jeddah photovoltaic (PV) solar independent power producer (IPP) project in Saudi Arabia.
The consortium, which also includes France’s EDF and the local Nesma, was shortlisted as preferred bidder for the project in April 2020 following a competitive bidding process. The project was tendered under the second round of the kingdom’s National Renewable Energy Programme (NREP).
The consortium had submitted the lowest levelised cost of electricity (LCOE) tariff of SRhalalas6.09 per kilowatt hour (SRh/kWh), $0.0162.kWh, for the Jeddah PV IPP.
Synergy Consulting was financial adviser to the consortium for the transaction.
Masdar has revealed that the Jeddah solar plant will feature bifacial PV modules with mounting structures that use single-axis tracking technology to optimise electricity generation from the project.
The plant is due to be operational in 2022.
In 2019, a consortium of EDF Renewables and Masdar was appointed to develop the 400MW Dumat al-Jandal wind IPP, the only wind project to be tendered to date under the kingdom’s NREP.
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