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Saudi Power Procurement Company Signs Purchase Agreements for 3 Solar Energy Projects 

Officials are seen at the signing ceremony. (SPA)
Officials are seen at the signing ceremony. (SPA)
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Saudi Power Procurement Company Signs Purchase Agreements for 3 Solar Energy Projects 

Officials are seen at the signing ceremony. (SPA)
Officials are seen at the signing ceremony. (SPA)

The Saudi Power Procurement Company (SPPC) signed on Wednesday Power Purchase Agreements (PPA) for three new solar photovoltaic projects with a consortium of ACWA Power Company, and the Water & Electricity Holding Company (Badeel), a wholly owned subsidiary of the Public Investment Fund (PIF), and Aramco Power, a fully-owned subsidiary of Saudi Aramco.

The agreement was signed in the presence of Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz Al Saud.

These new projects with a capacity of 5,500 MW are part of the National Renewable Energy Program, which is supervised by the Ministry of Energy.

The three solar projects are:

Haden Solar PV, in Makkah Province, with a total capacity of 2,000 MW and an LCOE of 1.58762 cent/kWh (5.95356 Halala/kWh)

Al-Muwaih Solar PV, in Makkah Province, with a total capacity of 2,000 MW and an LCOE of 1.60852 cent/kWh (6.03194 Halala/kWh)

Al-Khushaybi PV, in Qassim Province, with a total capacity of 1,500 MW and an LCOE of 1.67289 cent/kWh (6.27334 Halala/kWh)

Starting 2024, Saudi Arabia will tender annually new renewable energy projects with a total capacity of 20 GW with the aim of reaching between 100 to 130 GW by 2030, depending on the growth of electricity demand.

Since the start of the renewables program to date, 21 projects have been awarded, including the projects that were signed on Wednesday with a total capacity of 19 GW. Of the 21 projects, seven with a total capacity of 4.1 GW are now connected to the grid, eight with a total capacity of 8.2 GW are under construction, and six with a total capacity of 7 GW are in the financial close stage.

Furthermore, and since the start of 2024, six new renewable energy projects have been tendered with a total capacity of 6.7 GW. Additional capacities are planned to be tendered during the current year in order to achieve the 20 GW annual tendered capacities target.

The National Renewable Energy program’s projects aim to reach the Kingdom’s optimal energy mix targets, and displace liquid fuels used in power generation sector and other sectors in the Kingdom, as part of the energy ecosystem’s efforts towards achieving Saudi Vision objectives.

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Lebanon Extends Deadline for Licensing Round for Offshore Oil, Gas Fields

A motorbike drives past buildings destroyed during previous Israeli military fire on the southern Lebanese village of Aita al-Shaab, near the border with northern Israel on June 29, 2024, amid ongoing cross-border clashes between Israeli troops and Hezbollah fighters. (Photo by AFP)
A motorbike drives past buildings destroyed during previous Israeli military fire on the southern Lebanese village of Aita al-Shaab, near the border with northern Israel on June 29, 2024, amid ongoing cross-border clashes between Israeli troops and Hezbollah fighters. (Photo by AFP)
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Lebanon Extends Deadline for Licensing Round for Offshore Oil, Gas Fields

A motorbike drives past buildings destroyed during previous Israeli military fire on the southern Lebanese village of Aita al-Shaab, near the border with northern Israel on June 29, 2024, amid ongoing cross-border clashes between Israeli troops and Hezbollah fighters. (Photo by AFP)
A motorbike drives past buildings destroyed during previous Israeli military fire on the southern Lebanese village of Aita al-Shaab, near the border with northern Israel on June 29, 2024, amid ongoing cross-border clashes between Israeli troops and Hezbollah fighters. (Photo by AFP)

Lebanon's energy ministry has extended a deadline for companies to bid for exploration rights for offshore oil and gas fields in its third licensing round until March next year, the Lebanese Petroleum Administration said on Monday.

The government originally set a deadline of July 3, 2024 for bidding in the licensing round for nine maritime blocks, which was launched in January.

The Lebanese Petroleum Administration said the deadline had been extended to March 17, 2025 to provide enough time to monitor "accelerating regional and international developments," find ways of attracting more interest from companies and "work towards achieving economic stability."

The statement did not mention the ongoing hostilities between the Israeli military and Hezbollah, which have been trading fire for more than eight months in parallel with the Gaza war.

An industry source told Reuters that the exchanges of fire had been a major factor in the decision to extend the deadline.

Lebanon has extended previous licensing rounds repeatedly, in some cases because there had been no applications.

Lebanon formally delineated its maritime border with Israel in October 2022 after years of US-mediated talks. It had hoped this would pave the way for an influx of bids for oil and gas exploration in its waters.

But the recent border conflict has resurrected fears that a full-scale war could break out, and Hezbollah chief Hassan Nasrallah made threats about the Mediterranean in a recent speech.