International Finance

Saudi Arabia issues RFPs for round 2 of renewable energy projects

Saudi Arabia renewable energy
Nearly 60 companies have been issued with REPs, of which 28 companies are from the Kingdom

The Renewable Energy Project Development Office (Repdo) of Saudi Arabia issued requests for proposals (RFPs) for the Kingdom of Saudi Arabia’s round two of National Renewable Energy Program (NREP), media reports said. 

After that, nearly 60 companies have been issued with REPs, of which 28 companies are from the Kingdom. Projects within round two will have a minimum requirement comprising 17 percent local content as outlined by the Local Content and Government Procurement Authority (LCGPA). 

According to a local media. the tendered six projects in round two represent the first half of the year’s project development pipeline. The next six projects will be tendered during the last quarter of the year as part of NREP’s round three. 

The companies selected during the initial qualification includes Masdar from Abu Dhabi, as per the Repdo website. Other successful applicants comprise 28 companies from the Kingdom and global corporations such as American photovoltaic manufacturer First Solar, China Machinery Engineering Corporation, Korea Electric Power Corporation and Japan’s Sumitomo Corporation.

Currently, the qualified companies will be classified as managing member, technical member and local managing member’, a local media reported. 

Projects under round two have been categorised as Category A for smaller projects and Category B for bigger projects. While Category A  projects require all three member types, Category B projects do not require a local member. 

That said, the submission date for proposals for projects under Category B is November 18, 2019. 

The tendered projects are 100 percent independent power producers. These projects will be supported by 20 percent to 25 percent power purchase agreements (PPAs).

The Kingdom’s first wind power project Dumat Al Jandal worth Dh1.8 billion reached a financial close last month. The 400 megawatt project was awarded to a consortium led by France’s EDF and Abu Dhabi’s Masdar. 

Masdar Chief Executive Mohamed Al Ramahi said “The oversubscribed financing of the Dumat Al Jandal project further illustrates the confidence of local and international lenders, and the investment community, in the economy of the kingdom and its potential as a hub for highly cost-effective renewable energy development.”

What's New

Stellantis to establish new factory in South Africa soon through ‘Greenfield Project’

IFM Correspondent

Ghana to restructure debt to lower energy sector deficit

IFM Correspondent

Boris Johnson hails UAE-UK collaboration in green technology

IFM Correspondent

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.