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Masdar consortium to build $1bn solar plant in Saudi Arabia

The $1bn Al Henakiyah solar plant to be built by Masdar's consortium in Saudi Arabia will be one of the largest in the world Wam
The $1bn Al Henakiyah solar plant to be built by Masdar's consortium in Saudi Arabia will be one of the largest in the world

Abu Dhabi state clean energy company Masdar has entered into a consortium agreement to develop a solar power plant in the Madinah province of Saudi Arabia. 

The group, which also includes France’s EDF Renewables and Saudi-based Nesma Company, submitted the most cost-competitive bid of $16.84 per megawatt hour to win the contract, the companies said in a joint statement.

The 1,100 MW Al Henakiyah solar power plant is expected to reach a financial close in early 2024 and connect to the grid in 2025. 

The $1 billion project – one of the world’s largest single-site solar plants – will be developed, built, owned and operated by the consortium as part of a 25-year agreement with state-owned Saudi Power Procurement Company.

The plant will help to achieve the kingdom’s target of increasing the share of renewables in the country’s energy mix to around 50 percent by 2030. 

Masdar is active in more than 40 countries with a total electricity generation capacity of more than 20 gigawatt (GW).

The company’s growth plan is to reach 100 GW and one million tonnes of green hydrogen by 2030.

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