Saudi utilities developer Acwa Power is working on proposals for two photovoltaic (PV) solar projects with a combined capacity of 2.3 GW which are being developed under the second round of the Public Investment Fund’s (PIF’s) renewable energy programme.
The projects – a 2 GW PV independent power producer (IPP) project in Shuaiba and a 300 MW PV IPP in Rabigh area – are part of the 40 GW of clean energy projects that Acwa Power is planned to develop under the kingdom’s ambitious target for 58.7 GW of renewables capacity by 2030.
According to sources close to the programme, Acwa Power will submit proposals for the 2 GW Shuaiba PV IPP and 300 MW Rabigh PV IPP in mid-May.
The projects will be the second phase of major renewables projects to be developed under the PIF’s ambitious clean energy programme.
Last year, Acwa Power had signed a 25-year power purchase agreement (PPA) for the 1.5 GW Sudair IPP project. The Sudair solar project will require a total investment of SR3.4bn ($910mn).
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 58.7 GW of renewable energy capacity by 2030. PIF will oversee the development of 70 percent of the 58.7 GW 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 percent of this through a competitive tendering programme.
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