Construction on NADEC's 30MW solar plant in Haradh 50% full

• 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 actually taped progression on the construction of its 30MW solar plant project in Haradh, which has actually currently tape-recorded 50% completion.

On 28 July 2019, NADEC participated in a Solar Power Purchase Agreement (PPA) with French energy titan 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 certainly purchase power from Engie at a set price of 9.4 Halalahs per kWh. NADEC had actually stated during that time that it will certainly not seek any financing for the project as it will certainly not sustain any type of funding or operational expense.

The execution of the project is anticipated to reduce NADEC's gas usage within limits 124,000 barrels annually, which will additionally decrease carbon emissions by 53,000 tonnes per year.

In a declaration NADEC claimed that the appointing and industrial operation of the project is anticipated to start on 31 March 2021.

It added that the COVID-19 pandemic, which lead to a force majeure scenario as well as the effect of international supply chains created delay in the application of some projects.

According to the business the monetary influence of the project will be revealed upon completion of building job as well as beginning of commercial operations