PwC chosen for PIF renewable energy projects in Saudi Arabia
UK-based PwC has been selected as financial adviser for six major renewable energy projects for Saudi Arabia’s sovereign wealth vehicle Public Investment Fund (PIF), which will include solar and wind projects
UK-based PwC has been selected as financial adviser for six major renewable energy projects for Saudi Arabia’s sovereign wealth vehicle Public Investment Fund (PIF), which will include solar and wind projects.
The projects will be the second phase of major renewables projects to be developed under the PIF’s ambitious clean energy programme. The second phase is due to contain projects with a capacity of 2.3GW, which will include a 900MW PV solar plant at Shuaiba, according to sources close to the programme.
Energy & Utilities reported in August that the PIF had received proposals from international financial consultants for the transaction advisory role on the next phase of clean energy projects.
The PIF awarded the first contract for a utility-scale renewable energy project in 2021, when it selected Acwa Power to develop the 1.5GW Sudair photovoltaic (PV) solar independent power producer (IPP) project.
Energy & Utilities reported in April 2021 that Acwa Power had signed a 25-year power purchase agreement (PPA) for the 1.5GW Sudair IPP project, which is being developed under the solar programme of the Public Investment Fund (PIF), the Saudi sovereign wealth fund. The Sudair solar project will require a total investment of SR3.4bn ($910m).
The tariff of $c1.239/kWh for the Sudair IPP project was the second lowest PV solar tariff in the world when the PPA was signed, only beaten by the Fasiliyah IPP, also being developed by Acwa Power.
Saudi Arabia has set an ambitious target of developing 58.7GW of renewable energy capacity by 2030. PIF will oversee the development of 70 per cent of the 58.7GW target, through directly negotiated contracts with investors with the Renewable Energy Project Development Office (Repdo), part of the kingdom’s Ministry of Energy, to oversee the development of the remaining 30 per cent of this through a competitive tendering programme.
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