Saudi Arabia Gets Cheapest Bids for Solar Power in Auction

Anthony Dipaola for Bloomberg: Saudi Arabia received offers to supply solar electricity for the cheapest prices ever recorded, marking the start of a $50 billion program to diversify the oil producer’s domestic energy supplies away from fossil fuels.

The energy ministry said Abu Dhabi’s Masdar and Electricite de France SA bid to supply power from a 300-megawatt photovoltaic plant for as little as 6.69736 halalas a kilowatt hour, or 1.79 cents, according to a webcast of the bid-opening ceremony on Tuesday in Riyadh. If awarded, that would beat the previous record for a solar project in Abu Dhabi for 2.42 cents a kilowatt-hour.

Saudi Arabia and its neighbors are among Middle Eastern oil producers looking to renewables to feed growing domestic consumption that’s soaking up crude they’d rather export to generate income. While the offers submitted are remarkably low, the actual cost of power coming from the projects may be inflated by terms within the contracts that aren’t yet published, according to Bloomberg New Energy Finance in Zurich.  Full Article:

Comments (0)

This post does not have any comments. Be the first to leave a comment below.


Post A Comment

You must be logged in before you can post a comment. Login now.

Featured Product

sonnenBatterie eco

sonnenBatterie eco

Sonnen's mission is to provide clean and affordable energy for all. As the first mainstream grid tied residential energy storage company in the world and with 24,000 sonnenBatterie systems installed worldwide, sonnen is a proven global leader in intelligent energy management solutions. The all-in-one sonnenBatterie smart energy storage solution easily integrates with new and existing solar installations to help homes manage their energy throughout the day-saving money, providing backup power, and maximizing the effective use of solar power day and night. Sonnen has won several awards for its energy innovations, including the 2017 Zayed Future Energy Prize, MIT's Technology Review's 50 Smartest Companies in 2016, Global Cleantech 100 for 2015-2017, Greentech Media's 2016 Grid Edge Award for Innovation, and Cleantech's 2015 Company of the Year Award in both Israel and Europe.