Masdar, EDF Renewables and Nesma Renewable Energy Win Bid for 1,100MW Solar IPP Project 

The estimated $1 billion Al Henakiyah Solar Plant is expected to reach financial close in early 2024 and connect to the grid in 2025. The SPPC awarded the consortium the project after it submitted the most cost-competitive bid of $16.84 per megawatt hour.
Masdar, EDF Renewables and Nesma Renewable Energy Win Bid for 1,100MW Solar IPP Project 
Courtesy of Masdar

With plans to boost the local economy, at least 19% of the equipment, materials and services will be provided by Saudi companies during the construction phase.  In addition, during the first 10 years of operations, Saudi nationals will make up 50% of the project's workforce.  This proportion will rise to 75% during the project's entire operational life.

Al Henakiyah Solar Plant, in Al Madinah province, Saudi Arabia, will help to achieve the target of increasing the share of the renewables in the country’s energy mix to around 50% by 2030. Set to be one of the world’s largest single-site solar plants, the project will be developed, built, owned, and operated by the consortium as part of a 25-year agreement with the off-taker SPPC.

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said, “Masdar is proud to have won the bid to develop the 1,100-megawatt Al Henakiyah Solar Plant, further strengthening our partnership with Saudi Arabia. The Kingdom is a key strategic market for Masdar, and we are committed to supporting the Ministry of Energy and the SPPC achieve the targets set out under Vision 2030 and the Saudi Green Initiative, as the country accelerates its green transition toward net zero emissions by 2060.”

Bruno Bensasson, Chairman and Chief Executive Officer of EDF Renewables & EDF Group Senior Executive Vice President, Renewable Energies, said, “The 1,100 MW- Henakiyah solar project is another significant milestone in the Kingdom of Saudi Arabia for EDF Renewables, and our partners Masdar and Nesma Renewable Energy, which would not have been possible without the full support provided by the Saudi Power Procurement Company and the Ministry of Energy.”

Faisal Alturki, President of Nesma Group, said, “As Nesma’s flagship renewables business, Nesma Renewable Energy (NRE) is intrinsic to our commitment to proactively support the clean energy and sustainability goals of Saudi Vision 2030. We are therefore extremely proud of the role NRE will play in delivering the Al Henakiyah Solar Project, a ground-breaking initiative in the Kingdom’s renewable energy strategy, and we are confident that the company has an increasingly important role to play in the future."

The project leverages the expertise of global renewables leaders, Masdar and EDF Renewables, and leading Saudi conglomerate Nesma Company.

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