The Saudi Power Procurement Company (SPPC) on 26 June signed Power Purchase Agreements (PPAs) for three new solar photovoltaic projects with a combined capacity of 5.5GW. The PPAs were signed with a consortium of private-sector Saudi firm Acwa Power, the Badeel subsidiary of the PIF sovereign wealth fund and Aramco Power following direct negotiations.
Saudi Arabia’s renewables program is accelerating rapidly as it aims to bring capacity up to 100-130GW by 2030 in order to displace around 1mn b/d of oil from the power generation sector. The kingdom aims to have a 50:50 balance of renewables and gas-fired generation by 2030. (CONTINUED - 1239 WORDS)
