PHOTO
Saudi Arabia’s National Agriculture Development Company (NADEC) said on Monday that it has completed the construction works of the second phase of its 30-megawatt solar plant in Haradh.
In a statement to the Saudi Stock Exchange (Tadawul), the company said it is now preparing for the commercial operation of the energy facility.
The company is a unit of Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF). It said it will review the actual energy savings impact of the project during the fourth quarter of the year.
According to previous estimates, the 30-MW facility could cut fuel consumption by 16,000 litres and bring down the company’s energy costs by 4 percent. This would translate to a saving of 4.1 million riyals ($1 million).
In 2019, NADEC signed a 25-year power purchase agreement (PPA) with Engie, a major utility company in France, for the establishment of the solar energy project.
(Writing by Cleofe Maceda; editing by Seban Scaria)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2021
