SAGIA Initiates Investment License Process for Saudi Wind Project
Abu Dhabi, January 15, 2019 –
The Saudi Arabian General Investment Authority (SAGIA) announced today that it has initiated the process to give an investment license to the consortium of Abu Dhabi Future Energy Company – Masdar and EDF Renewables which last week was awarded the Kingdom’s first utility scale wind project at Dumat Al Jandal.
SAGIA made the announcement at the World Future Energy Summit, part of Abu Dhabi Sustainability Week, where it is showcasing investment opportunities in the Kingdom within energy, renewables, energy efficiency as well as water and integrated waste management.
Last week, the Renewable Energy Project Development Office (REPDO) of Saudi Arabia’s Ministry of Energy, Industry and Mineral Resources (MEIM) announced that it had awarded its first utility-scale wind project to the consortium. The average annual generation from the wind plant is expected to be around 1.4 TWh. Four bids were received from leading companies across five countries, registering a new record low bid-range for a project of this type in the MENA region.
The $500 million project at Dumat Al Jandal will have a capacity of 400MW – enough power to supply up to 70,000 Saudi households – and is expected to create almost 1,000 jobs during construction and operation.
Once the investment licence has been awarded, the consortium will be able to move forward with the next steps in the project. The announcement highlights the many world-leading investment opportunities on offer in the Kingdom in areas such as renewable technologies.
“We are delighted to be awarded this first wind project in the country, which is set to be the most powerful wind farm in the Middle East. This success reflects the quality of our partnership with Masdar which has enabled us to jointly submit the most competitive bid. Wind power is now representing a renewable and economical solution in the energy mix."
“This new project demonstrates our ambitions in the country and represents another step forward under the EDF Group’s Cap 2030 strategy, which aims to double its renewable energy capacity by 2030 – both in France and worldwide – to 50 GW”, commented Bruno Bensasson, EDF Group Senior Executive President responsible for Renewable Energies, and Chairman and CEO of EDF Renewables.
“The selection of Masdar and EDF to develop the Kingdom’s first utility-scale wind power plant is a significant achievement. We are proud to leverage our strong track record in renewables to support the Kingdom’s strategy to increase the share of clean energy in its energy mix. Masdar and EDF stand ready to devote our expertise to realizing this world-class project,” said Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar.