Saudi Arabia launches 5 renewable projects to produce 3,300 MW energy

The launch of the projects is part of the fourth phase of the Ministry of Energy’s National Renewable Energy Program. 

In line with Saudi Vision 2030, the program is part of the Kingdom’s aims to reach the optimal energy mix for electricity production from renewable energy sources.

In August, Saudi Arabia’s Ministries of Finance and Energy fully nationalized the Saudi Power Procurement Co. after buying up shares in one of the firm's subsidiaries.

The ministries announced the government had acquired the Saudi Electricity Company meaning Saudi Power Procurement Co. is wholly owned by the state.

This acquisition is part of the Kingdom’s plans to restructure the electricity sector and introduce financial and organizational reforms, the Ministry of Energy said in a statement. 

The Saudi Power Procurement Co. is responsible for planning and putting forward projects to generate the country’s required electric power.

It is also responsible for concluding electric power purchase and wholesale agreements, developing energy trading markets and purchasing fuel for the company, the statement added. 

Also, in August, Saudi Arabia’s Energy Ministry signed a power purchase agreement for the 80 MW solar photovoltaic independent power producer project, according to MEED.

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