Construction on NADEC’s 30MW solar plant in Haradh 50% complete
NADEC entered into a Solar Power Purchase Agreement with French utility giant Engie for a term of 25 years in July 2019
Saudi Arabia’s Tadawul-listed National Agricultural Development Company (NADEC) has recorded progress on the construction of its 30MW solar plant project in Haradh, which has now recorded 50% completion.
On 28 July 2019, NADEC entered into a Solar Power Purchase Agreement (PPA) with French utility giant Engie for a term of 25 years, to build a solar plant at the NADEC City in Haradh.
As part of the PPA, NADEC will purchase energy from Engie at a fixed price of 9.4 Halalahs per kWh. NADEC had said at that time that it will not seek any financing for the project as it will not incur any capital or operational expenditure.
The implementation of the project is expected to reduce NADEC’s fuel consumption within limits 124,000 barrels per year, which will further reduce carbon emissions by 53,000 tonnes per year.
In a statement NADEC said that the commissioning and commercial operation of the project is expected to start on 31 March 2021.
It added that the COVID-19 pandemic, which lead to a force majeure situation and the impact of global supply chains caused delay in the implementation of some projects.
According to the company the financial impact of the project will be announced upon completion of construction work and commencement of commercial operations.
Source : constructionweekonline
