Saudi Principal Buyer has announced that it has signed power purchase agreements with a consortium led by Saudi utility major Acwa Power for seven new renewable energy projects worth a total of SAR31 billion ($8.3 billion).

These deals fall within the National Renewable Energy Programme, supervised by the Saudi Ministry of Energy. On completion, the projects will boast a total capacity of 15,000 MW.

Saudi Principal Buyer said the consortium will have Acwa Power as the main developer, with partners – Water and Electricity Holding Company (Badeel), owned by the Saudi sovereign fund PIF, and Aramco Power, owned by global oil giant Saudi Aramco.

The signing ceremony was attended by Minister of Energy and the Board of Directors of the Principal Buyer Prince Abdulaziz bin Salman bin Abdulaziz Al Saud.

Saudi Principal Buyer said of these seven renewable energy projects, five are photovoltaic (PV) solar projects:

• Bisha Project in Aseer Region, with a capacity of 3,000 MW and a levelised cost of energy (LCOE) of 4.83708 halalas/kWh (1.28989 US cents).

• Humaij Project in Madinah Region, with a capacity of 3,000 MW and an LCOE of 4.90682 halalas/kWh (1.30848 cents).

• Khulis Project in Makkah Region, with a capacity of 2,000 MW and an LCOE of 5.10439 halalas/kWh (1.36117 cents).

• Afif 1 Project in Riyadh Region, with a capacity of 2,000 MW and an LCOE of 4.74736 halalas/kWh (1.26596 cents).

• Afif 2 Project in Riyadh Region, with a capacity of 2,000 MW and an LCOE of 4.72346 halalas/kWh (1.25959 cents).

The two wind energy projects are:

• Starah Project in Riyadh Region, with a capacity of 2,000 MW and an LCOE of 7.71422 halalas/kWh (2.05712  cents).

• Shaqra Project in Riyadh Region, with a capacity of 1,000 MW and an LCOE of 6.99750 halalas/kWh (1.86600 US cents).

Saudi Principal Buyer said the signing of these agreements represents the largest capacity globally signed for renewable energy projects in a single phase.