عربي English Türkçe اردو فارسى
Logo
Latest News
Business

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)
TT
TT

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.

Most Viewed

 
 
Business

US Employers Added Solid 206,000 Jobs in June

The government also sharply revised down its estimate of job growth for April and May by a combined 111,000. (Reuters pic)
The government also sharply revised down its estimate of job growth for April and May by a combined 111,000. (Reuters pic)
TT
TT

US Employers Added Solid 206,000 Jobs in June

The government also sharply revised down its estimate of job growth for April and May by a combined 111,000. (Reuters pic)
The government also sharply revised down its estimate of job growth for April and May by a combined 111,000. (Reuters pic)

US employers delivered another healthy month of hiring in June, adding 206,000 jobs and once again displaying the US economy’s ability to withstand high interest rates.

Last month’s job growth did mark a pullback from 218,000 in May. But it was still a solid gain, reflecting the resilience of America’s consumer-driven economy, which is slowing but still growing steadily.

Still, Friday’s report from the Labor Department contained several signs of a slowing job market. The unemployment rate ticked up from 4% to 4.1%, a still-low number but the highest rate since November 2021. The rate rose in large part because 277,000 people began looking for work in June, and not all of them found jobs right away.

The government also sharply revised down its estimate of job growth for April and May by a combined 111,000. And it said average hourly pay rose just 0.3% from May and 3.9% from June 2023. The year-over-year figure was the smallest such rise since June 2021 and will likely be welcomed by the Federal Reserve in its drive to fully conquer inflation. Most economists think the Fed will begin cutting its benchmark rate in September, and the details in Friday’s jobs report did nothing to counter that expectation.