Abu Dhabi Future Energy Company PJSC – Masdar, EDF Renewables, and Nesma Company have inked a Power Purchase Agreement with Saudi Power Procurement Company (SPPC) for a 1.1 GW solar power plant. Situated in Saudi Arabia’s Al Madinah province, the project, set for completion in 2025, will generate power equivalent to 190,000 homes annually, averting over 1.8 million tonnes of CO2 emissions yearly.
Valued at $1 billion, the collaboration leverages the expertise of renewables leaders Masdar and EDF Renewables, alongside Saudi conglomerate Nesma Company. The SPPC awarded the project based on the most competitive bid, at USD 16.84 per megawatt hour. The Al Henakiyah Solar Power Plant underscores its commitment to the local economy. During construction, a minimum of 19% of equipment, materials, and services will come from Saudi companies. In the initial five operational years, 25% of the workforce will be Saudi nationals, increasing to 75% over the project’s lifetime. The plant aligns with Saudi Arabia’s ambitious target of achieving a 50% renewable energy share in its energy mix by 2030.
Mohamed Jameel Al Ramahi, Managing Director of Masdar, said, “Masdar is very proud to be developing one of the largest solar power plants in the world with our long-standing partners, EDF Renewables and Nesma Company. This project builds on the consortium’s previous successes in the country, including Dumat Al Jandal, the largest operating wind farm in the Middle East, and the South Jeddah solar power plant, with a capacity of 300 MW. The Kingdom of Saudi Arabia is a valued neighbor and key partner for Masdar. It has the ambition and resources necessary to promote decarbonization. Masdar, a leading global renewable energy company, is committed to supporting the Kingdom’s zero-carbon energy goals.”
Bruno Bensasson, Chairman and CEO of EDF Renewables and Executive Director of the EDF group in charge of the renewable energies division, added, “The Al Henakiyah solar project, with a capacity of 1.1 GW, is a new important step for EDF Renewables and its partners Masdar and Nesma Renewable Energy in Saudi Arabia. It would not have been possible without the full support of the Saudi Power Procurement Company (SPPC) and the Ministry of Energy. Together, we are committed to supporting Saudi Arabia’s Vision 2030 plan, which targets approximately 50% renewables in the Kingdom’s energy production capacity. Proposing a set of low-carbon solutions, including energy efficiency, renewable energies, nuclear power and carbon capture, is at the heart of EDF’s proposal for carbon neutrality. After the 400 MW Dumat al Jandal wind farm, currently in operation, and the South Jeddah solar park with a capacity of 300 MW, the outlook is promising. We are firmly committed to creating long-term value, supporting change in the Kingdom, today and for generations to come.”
Faisal Alturki, Chairman of the Nesma Group, noted, “Nesma Renewable Energy (NRE), specializing in renewable energy, is an integral part of our commitment to proactively support the clean energy and sustainability goals of the Vision 2030 plan, Saudi Arabia. We are therefore extremely proud of the role that NRE will play in delivering the Al Henakiyah Solar Project, a groundbreaking initiative in the Kingdom’s renewable energy strategy, and we are confident that the company will have an increasingly more important to play in the future. The Al Henakiyah Solar Project is a resounding confirmation of our position at the forefront of Saudi Arabia’s renewable energy industry. As an industrialist, we have embarked together on an ambitious journey that will make Saudi Arabia a true world leader in renewable energy production. This project represents an important step towards achieving this goal."
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