Latest news with #SPPC
Zawya
18-07-2025
- Business
- Zawya
ACWA Power signs $8.3bln PPAs for 15GW renewable energy projects in Saudi Arabia
ACWA Power, the Saudi-listed developer and operator of power, water and green hydrogen projects, has signed 25-year Power Purchase Agreements (PPAs) for 7 solar and wind energy projects in Saudi Arabia totaling 31.1 billion Saudi riyals ($8.3 billion). The agreements, representing a total combined capacity of 15 gigawatts (GW), were signed with the Saudi Power Procurement Company (SPPC), the company said in two separate stock exchange statements. Solar projects ACWA Power signed PPAs worth SAR 22.5 billion for 5 solar PV projects with a total combined capacity of 12 GW. Afif1, Afif2, Humaij, Bisha and Khulis solar PV plants, located in the central, western and southern regions of Saudi Arabia have production capacities of 2,000 MW, 2,000MW, 3,000MW, 3,000MW and 2,000MW respectively. Agreements were entered by the project companies: Afif One Renewable Energy Company, Afif Two Renewable Energy Company, Humaij One Renewable Energy Company, Bisha One Renewable Energy Company and Khulis One Renewable Energy Company. Wind projects ACWA Power also signed 25-year PPAs worth SAR 8.6 billion for two large-scale wind power projects with a total capacity of 3GW. These are: 1. Starah (STR), located in the central region, with a production capacity of 2,000MW. 2. Shaqra (SHQ), located in the central region, with a production capacity of 1,000MW. The PPAs were signed by the project companies, Starah First Renewable Energy Company and Shaqra First Renewable Energy Company. Each project company for the solar and wind projects is jointly owned by ACWA Power, Badeel (a subsidiary of the Public Investment Fund), and Saudi Aramco Power Company, with ownership stakes of 35.1 percent, 34.9 percent, and 30 percent respectively. (Writing by SA Kader; Editing by Anoop Menon) (
Zawya
14-07-2025
- Business
- Zawya
Saudi Electricity Company awards $906mln power project contracts
Saudi Electricity Company (SEC) has awarded the contracts worth $906 million for the construction of two 380kV bulk supply point (BSP) substation units at Afif in the central region of Saudi Arabia along with its Overhead Transmission line (OHTL) projects. These substations are the part of upcoming Renewable Energy Projects across Saudi Arabia. At present, Saudi Power Procurement Company (SPPC) has already issued RFP for the sixth round of renewable energy projects under the National Renewable Energy Program (NREP) which is led and supervised by the Ministry of Energy. The combined capacity of sixth round of renewable energy projects is 4,500 MW. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Saudi Gazette
14-07-2025
- Business
- Saudi Gazette
Saudi Arabia signs $8.3B renewable energy deals to add 15 GW in solar and wind capacity
Saudi Gazette report RIYADH — Saudi Arabia has signed seven new agreements to purchase electricity from solar and wind energy projects with a total capacity of 15,000 megawatts, backed by investments estimated at SR31 billion ($8.3 billion). The deals are part of the Kingdom's National Renewable Energy Program, supervised by the Ministry of Energy. The agreements were signed in the presence of Minister of Energy Prince Abdulaziz bin Salman with a consortium led by ACWA Power as the main developer, in partnership with Badeel, a company owned by the Public Investment Fund (PIF), and Aramco's energy arm, Aramco Power. The solar photovoltaic projects include: Bisha (Asir Region) — 3,000 MW Al-Humaij (Madinah) — 3,000 MW Khulais (Makkah) — 2,000 MW Afif 1 and 2 (Riyadh) — 2,000 MW each Production costs for these solar projects ranged from 4.72 to 5.10 halalas per kilowatt-hour. The wind energy projects are: Satara (Riyadh) — 2,000 MW at 7.71 halalas/kWh Shaqra (Riyadh) — 1,000 MW at 6.99 halalas/kWh The simultaneous signing of these large-scale projects — among the biggest globally — reaffirms Saudi Arabia's leadership in renewable energy and its capability to achieve some of the world's lowest electricity generation costs. This is attributed to efficient financing models and strong investor confidence in the Kingdom's business environment. The Saudi Power Procurement Company (SPPC), which serves as the principal buyer, is responsible for project studies, tenders, and signing power purchase agreements with developers. To date, SPPC has tendered 43,213 MW of renewable energy capacity. Of this, 38.7 GW has already been contracted, with 10.2 GW connected to the grid. The connected capacity is expected to reach 12.7 GW by the end of 2025, and 20 GW by 2026.
Arab News
02-07-2025
- Business
- Arab News
Saudi Power Procurement Co. signs $458m wind power deal for Yanbu project
RIYADH: Saudi Power Procurement Co. has signed a power purchase agreement for the 700-megawatt Yanbu Wind Power Project, backed by an investment exceeding SR1.7 billion ($458 million). The deal was finalized with a consortium made up of Japan's Marubeni Corp. and the Kingdom's Abdulaziz Al-Ajlan Sons for Commercial and Real Estate Investment Co. the Saudi Press Agency reported. This aligns with the Kingdom's National Renewable Energy Program, a strategic framework overseen by the government and designed to diversify the Kingdom's power sources. The SPA reported that the project will help in 'maximizing economic returns by contributing to the displacement of liquid fuels used in electricity production, and achieving the optimal energy mix for electricity production' so the share of renewable energy sources will reach approximately 50 percent of the national mix by the end of the decade. Renewables capacity in Saudi Arabia is planned to reach between 100 gigawatts and 130 GW by 2030, significantly increasing the nationwide supply of solar and wind energy. The Yanbu Wind Power Project will be situated in the Madinah region and is expected to generate electricity at a cost of SR0.06 per kilowatt‑hour, according to SPA. This competitive tariff highlights the increasing cost-effectiveness of renewable energy technologies in Saudi Arabia. SPPC is responsible for managing the Kingdom's electricity sourcing processes. This includes conducting feasibility studies, organizing competitive tenders for power generation projects, and entering into agreements to purchase electricity from independent power producers. In November, the company signed agreements for five independent energy projects in the Kingdom, which have a total capacity of 9.2 GW. The new power generation projects include two thermal energy plants, Rumah and Al Nairyah, and the Al Sadawi Solar Photovoltaic Project. The Rumah and Al Nairyah facilities will utilize the flexible combined cycle gas turbine technology for their operations, and are designed to incorporate carbon capture units, contributing a combined 7.2 GW to the national grid. Both facilities are scheduled to begin commercial operations by the second quarter of 2028.
Zawya
02-07-2025
- Business
- Zawya
Saudi's SPPC signs PPA for 700MW Yanbu wind energy project
Saudi Power Procurement Company (SPPC), the principal buyer, has signed a power purchase agreement (PPA) for the 700-megawatt (MW) Yanbu wind Independent Power Plant (IPP) project, located in the region, The agreement was signed with a consortium led by Japan's Marubeni Corporation and Saudi Arabia's Ajlan & Bros Holding, the state-owned entity said in a post on X. The levelised cost of electricity (LCOE) is 6.4 halalas ($1.72) per kilowatt-hour (kWh). The project is being developed at a cost of more than 1.7 billion Saudi riyals ($458 million). The PPA duration wasn't disclosed but in May 2024, SPCC had signed two 25-year PPAs with a consortium led by Marubeni for the 600 MW AlGhat and 500 MW Wa'ad Alshamal wind IPP projects. (Editing by Anoop Menon) (
