Saudi Arabia-based power procurement authority Saudi Power Procurement Company (SPPC) has recently signed a PPA for the Al Henakiyah PV project. The agreement is aimed to cover an installed capacity of 1.1 GW under Round 4 of the National Renewable Energy Program. The PPA was executed with a consortium led by Masdar as Managing Member, with EDF Renouvelables and Nesma Company Ltd participating. According to the announcement, the project is expected to supply electricity equivalent to the annual demand of around 190 thousand kWh of residential units. The Levelized Cost of Electricity for the project has been set at ¢1.68420 per kWh, corresponding to SAR 6.31575 halalas per kWh. The National Renewable Energy Program is supervised by the Ministry of Energy and targets increasing renewable energy’s share to around 50% by 2030.