Mowah partners with Jinko Power to develop the 300 MW Saad Photovoltaic (PV) solar independent power producer (IPP) project in Saad, Saudi Arabia. The project is part of the Round 3 Category B projects tendered by the Renewable Energy Project Development Office (REPDO) in line with Saudi Arabia’s National Renewable Energy Programme (NREP).
The new limited liability company (special purpose vehicle) established by the consortium has signed a 25-year long term Power Purchase Agreement with the Saudi Power Procurement Company (SPPC). The Saudi Electricity Company (SEC) supports the project through payment guarantees.
The Saad solar IPP plant will utilize highly efficient bifacial solar modules with a single-axis tracking system. This technology enables exposure of both the front and backside of the panels, thus increasing energy generation efficiency.
The total estimated cost for the project is SAR 800 million. The project is expected to achieve financial close by the end of 2022 while the scheduled commercial operation date is on mid of 2024.