Riyadh, Saudi Arabia —
In the presence of HRH the Minister of Energy and Chairman of the Board of Managers of Saudi Power Procurement Company (Principal Buyer) Prince Abdulaziz bin Salman bin Abdulaziz Al-Saud, the Company, has awarded four solar PV projects and one wind energy project achieving new world record for the lowest Levelized Cost of Electricity (LCOE). The total capacity of the awarded projects is 4,500 MW with total investments exceeding SAR 9 billion (approximately USD 2.4 billion). These projects are part of Round Six of the National Renewable Energy Program (NREP), which is supervised by the Ministry of Energy.
Round six projects include:
● Najran Solar PV IPP Plant, located in Najran Province, with a total capacity of 1,400 MW, was awarded to Abu Dhabi Future Energy Company PJSC – Masdar, and has an LCOE of 1.09682 cent/kWh (4.11307 Halala/kWh).
● Ad Darb Solar PV IPP Plant, located in Jazan Province, with a capacity of 600 MW, was awarded to Abu Dhabi Future Energy Company PJSC – Masdar, and has an LCOE of 1.36070 cent/kWh (5.10262 Halala/kWh).
● Samtah Solar PV IPP Plant, located in Jazan Province, with a capacity of 600 MW, was awarded to a consortium comprising Saudi Electricity Company (SEC), and EDF POWER SOLUTIONS INTERNATIONAL SAS, and has an LCOE of 1.48678 cent/kWh (5.57544 Halala/kWh).
● As Sufun Solar PV IPP Plant, located in Hail Province, with a capacity of 400 MW, was awarded to a consortium comprising Al Jomaih Energy & Water Company (AEW) holding, and TotalEnergies Renewables SAS, and has an LCOE of 1.50686 cent/kWh (5.65074 Halala/kWh).
● Dawadmi Wind IPP Plant, located in Riyadh Province, with a capacity of 1,500 MW, to a consortium comprising Korea Electric Power Corporation (KEPCO), Nesma Renewable Energy Company Ltd., and Etihad Water and Electricity Company PJSC (EtihadWE), and has an LCOE of 1.33803 cent/kWh (5.01760 Halala/kWh), setting a new world record for the lowest LCOE of wind power generation.
The awarding of these projects further reinforces the Kingdom of Saudi Arabia’s leading position in developing renewable energy projects reflecting the continued achievement of highly competitive Levelized Costs of Electricity - the lowest globally. This success is attributed to the efficiency of the Kingdom’s financing and development models and the growing confidence in its investment environment.
It is worth mentioning that the Principal Buyer is the entity responsible for conducting predevelopment studies, tendering power generation projects, and signing Power Purchase Agreements with project developers. By the end of 2025, the total renewable energy generation capacity tendered will reach 64 GW. Upon the signing of the round six projects, the total signed Renewable capacity will be 43.2 GW, with 12.3 GW being already connected to the grid.
