Masdar, EDF Renewables and Nesma have signed a power purchase agreement (PPA) with the Saudi Power Procurement Company (SPPC) to develop the 1100MW Al Henakiyah solar power plant.
The estimated $1bn project 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.
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.
