Saudi Arabia’s NREP solar project enters operational phase

Saudi Arabia’s ACWA Power has initiated commercial operations for the 700 MW Ar Rass 1 PV independent power plant (IPP), a significant project under the National Renewable Energy Program (NREP) by the Saudi Ministry of Energy. The plant, developed by Ar Rass Solar Energy Company—40% owned by ACWA Power—received its commercial operations certificate on August 15. According to ACWA Power, the project’s financial impact will be evident starting in Q2 2024. The project, valued at SAR 1.7 billion ($453 million), was awarded to a consortium led by ACWA Power, which includes China-based SPIC (Huanghe Hydropower Development Co. Ltd.) and Saudi Arabia’s Badeel. ACWA Power secured the contract by offering the lowest bid of 5.62 halala/KWh.