A consortium of Masdar, EDF Renewables and Nesma Company has reached financial close and started construction on a 300MW solar farm in Saudi Arabia.
The plant, located near Jeddah, secured the project from Saudi Arabia’s Ministry of Energy after submitting the most cost-competitive bid of $16.24 a megawatt-hour, EDF said.
The consortium signed a 25-year Power Purchase Agreement (PPA) with Saudi Power Procurement Company in January.
Under the terms of the PPA, the consortium design, finance, build and operate the plant, which will be located in Third Jeddah Industrial City, 50km south-east of Jeddah.
The plant will begin operations in 2022.
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Masdar Consortium to Commence Work on 300MW Saudi Project albawaba.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from albawaba.com Daily Mail and Mail on Sunday newspapers.
Masdar consortium to start work on 300MW Saudi project
ABU DHABI, 4 hours, 18 minutes ago Abu Dhabi-based Masdar said its consortium with global renewable energy leader EDF Renewables, is set to start construction work on a 300-megawatt utility-scale photovoltaic (PV) solar power plant in Jeddah following its financial close with Nesma Company. The Renewable Energy Project Development Office (Repdo) of Saudi Arabia’s Ministry of Energy had awarded the consortium the Jeddah project, after it had submitted the most cost-competitive bid of SR60.9042 ($16.24) per megawatt hour. It also signed a 25-year power purchase agreement (PPA) with Saudi Power Procurement Company (SPPC) this January for the project.