The renewable energy project development office (REPDO) in Saudi Arabia is progressing forward with plans for the fourth and fifth stages of its ambitious renewable energy programme. The Saudi Ministry of Energy has received proposals from financial services companies for two transaction advisory contracts on 10 photovoltaic (PV) solar projects that will be constructed under the Public Investment Funds (PIF) clean energy initiative.
The PIF programme is intended to cover 70 per cent of the kingdom’s 58.7 GW clean energy goals by 2030, with the other 30 per cent being delivered by REPDO. Projects under the REPDO programme will be granted through a competitive tendering procedure, whereas contracts under the PIF programme will be awarded through direct agreements with investors.
According to Energy & Utilities, financial corporations have filed proposals for the TA position on the fourth and fifth rounds of Saudi Arabia’s National Renewable Energy Programme. In May and June of this year, REPDO received proposals from three consortiums for the third phase of its programme.
PIF has also announced the signing of a power purchase agreement for the 1.5GW Sudair PV IPP with the Acwa Power consortium. The 1.5 GW Sudair PV project will be Saudi Arabia’s largest PV solar project to date, as well as one of the world’s largest single-site PV projects. The project will generate enough energy to power 185,000 households and offset 2.9 million tonnes of carbon emissions each year.