عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia Reveals Bidders for 3rd Phase of Renewable Energy Projects

A solar plant is seen in Uyayna, north of Riyadh, Saudi Arabia April 10, 2018. REUTERS/Faisal Al Nasser
A solar plant is seen in Uyayna, north of Riyadh, Saudi Arabia April 10, 2018. REUTERS/Faisal Al Nasser
TT
TT

Saudi Arabia Reveals Bidders for 3rd Phase of Renewable Energy Projects

A solar plant is seen in Uyayna, north of Riyadh, Saudi Arabia April 10, 2018. REUTERS/Faisal Al Nasser
A solar plant is seen in Uyayna, north of Riyadh, Saudi Arabia April 10, 2018. REUTERS/Faisal Al Nasser

The Saudi Ministry of Energy announced the list of bidders of 1,200 MW Saudi renewable energy projects, consisting of four independent generation projects (IPP).

This phase consists of four independent solar photovoltaic generation projects with a total capacity of 1,200 megawatts, divided into two categories.

In a statement, the ministry said that the first category consists of the Wadi Al-Dawasir project with a capacity of 120 MW and the Laila project with a capacity of 80 MW.

The second category consists of the Al-Rass project with a capacity of 700 MW and the Saad project with a capacity of 300 MW.

The ministry added that a Request for Proposal brochure was issued for the two category B projects on April 8, 2020, and the two category A projects on April 22, 2020. Three bids were submitted for each of the four projects during the second quarter of 2021.

The winning bids will sign power purchase agreements for a period of 25 years with the Saudi Energy Procurement Company. ACWA Power, French Total Solar Company and AlFanar Energy Company were among the bidders.

All four projects are required to comply with local content requirements based on the mechanisms identified by the Local Content and Government Procurement Authority, the ministry underlined.

This comes as part of the efforts of the Ministry of Energy to achieve the objectives of the Custodian of the Two Holy Mosques’ renewable energy initiative.

The initiative aims to increase the percentage of renewable energy to reach the optimal mix, raise the efficiency of the electricity sector, and achieve environmental goals by reducing carbon dioxide emissions, as well as the economic goals of reducing dependence on liquid fuels in electricity production.

Most Viewed

 
 
Business

China Mulls Draft Law to Promote Private Sector Development

A Chinese national flag flutters on a financial street in Beijing. (Reuters)
A Chinese national flag flutters on a financial street in Beijing. (Reuters)
TT
TT

China Mulls Draft Law to Promote Private Sector Development

A Chinese national flag flutters on a financial street in Beijing. (Reuters)
A Chinese national flag flutters on a financial street in Beijing. (Reuters)

Chinese lawmakers are deliberating a draft of the country's first basic law specifically focused on the development of the private sector, the country’s Xinhua news agency reported.

“The law will be conducive to creating a law-based environment that is favorable to the growth of all economic sectors, including the private sector,” said Justice Minister He Rong, while explaining the draft on Saturday during the ongoing session of the Standing Committee of the National People's Congress, the national legislature.

The draft private sector promotion law covers areas such as fair competition, investment and financing environments, scientific and technological innovation, regulatory guidance, service support, rights and interests protection and legal liabilities.

The draft has incorporated suggestions solicited from representatives of the private sector, experts, scholars and the general public, the minister said.

China left its benchmark lending rates unchanged as expected at the monthly fixing on Friday.

Persistent deflationary pressure and tepid credit demand call for more stimulus to aid the broad economy, but narrowing interest margin on the back of fast falling yields and a weakening yuan limit the scope for immediate monetary easing.

The one-year loan prime rate (LPR) was kept at 3.10%, while the five-year LPR was unchanged at 3.60%.

In a Reuters poll of 27 market participants conducted this week, all respondents expected both rates to stay unchanged.

Morgan Stanley said in a note that the 2025 budget deficit and mix are more positive than expected and suggest Beijing is willing to set a high growth target and record fiscal budget to boost market confidence, but further policy details are unlikely before March.

Last Friday, data released by the country's central bank said total assets of China's financial institutions had risen to 489.15 trillion yuan (about $68.03 trillion) by the end of third quarter this year.

The figure represented a year-on-year increase of 8%, said the People's Bank of China.

Of the total, the assets of the banking sector reached 439.52 trillion yuan, up 7.3% year on year, while the assets of securities institutions rose 8.7% year on year to 14.64 trillion yuan.

The insurance sector's assets jumped 18.3% year on year to 35 trillion yuan, the data showed.

The liabilities of the financial institutions totaled 446.51 trillion yuan, up 8% year on year, according to the central bank.

Separately, data released by the National Energy Administration on Thursday showed that China's electricity consumption, a key barometer of economic activity, rose by 7.1% year on year in the first 11months of the year.

During the period, power consumption of the country's primary industries increased by 6.8% year on year, while that of its secondary and tertiary sectors rose by 5.3% and 10.4%, respectively.

Residential power usage saw strong growth of 11.6% during this period, the administration said.

In November alone, power usage climbed 2.8% from one year earlier, according to the data.