Arab News,
Tue, Nov 19, 2024 | Jumada al-Awwal 17, 1446
Alfanar Projects, SEC sign $5.33bn deals to support Saudi energy modernization
Saudi Arabia:
Energy deals worth SR20 billion ($5.33 billion)
have been signed between Alfanar Projects and Saudi Electricity Co. to advance
the Kingdom’s power modernization and sustainability efforts.
The agreements, announced during the Energy
Localization Forum hosted by the Ministry of Energy, include the construction of
the Middle East’s largest High-Voltage Direct Current Converter Station,
according to a press release.
This facility, developed in partnership with China
Electric Power Equipment and Technology Co., will deliver 7 gigawatts of power
between the Central, Western, and Southern regions.
The deals also include projects for battery
storage systems, smart distribution centers, and renewable energy integration,
aimed at improving grid reliability and supporting Saudi Arabia’s Vision 2030
goals of energy self-sufficiency and sustainability.
Saudi Arabia aims to get 50 percent of its power
from renewable energy by 2030, with a total capacity of 130 GW. This includes
58.7 GW from solar and 40 GW from wind, making it the most ambitious renewable
energy target in the Gulf Cooperation Council.
Amer Al-Ajmi, executive vice president of sales
and marketing at Alfanar Projects, said: “The confidence placed in us by the
Ministry of Energy, through its representative, Saudi Electricity Co., affirms
our commitment to deliver and execute transformative projects of this scale.”
He added: “At Alfanar Projects, we combine our
robust resources, technical expertise, and a highly skilled national workforce
to create a sustainable energy infrastructure that supports the Kingdom’s
self-sufficiency goals and strengthens its role as a leader in renewable
energy.”
The signing ceremony was attended by Saudi Energy
Minister Prince Abdulaziz bin Salman, Minister of State Hamad bin Mohammed
Al-Sheikh, and Minister of Industry and Mineral Resources Bandar bin Ibrahim
Alkhorayef.
Other key representatives included Khaled
Al-Ghamdi, CEO of Saudi Electricity Co., and Sabah Al-Mutlaq, vice chairman of
Alfanar Co. and managing director of Alfanar Projects, who represented both
organizations.
Alfanar Projects is a Saudi-based company
developing sustainable energy projects that support economic growth and
environmental goals in the Kingdom and beyond.
Earlier this month, Saudi Electricity Co. reported
a net profit of SR5.6 billion for the first nine months of 2024, up from SR 4.6
billion last year. The company’s power generation capacity grew by 1.4 percent,
with its directly owned capacity rising to 56.9 GW.