Korea Electric Power Corp. (KEPCO), a major South Korean utility, has been selected as a finalist for several renewable energy projects in Saudi Arabia, with a total investment of approximately 3 trillion won ($2.2 billion).
KEPCO emerged as a leading candidate for three of the four solar initiatives under the Fifth National Renewable Energy Program (NREP), as announced by the Saudi Power Procurement Company (SPPC).
The solar projects in Saudi Arabia include:
- Al Sadawi (2,000 megawatts)
- Al Masa (1,000 MW)
- Al Henakiyah 2 (400 MW)
- Rabigh 2 (300 MW)
The cumulative cost for these projects is estimated at 3.3 trillion won ($2.4 billion). They will be developed under the BOO (build-own-operate) model, entailing both construction and management responsibilities.
If successful, KEPCO will secure a 25-year power purchase agreement with SPPC for each project. The company is in the running for the Al Sadawi, Al Henakiyah 2, and Rabigh 2 projects, marking KEPCO’s potential debut in solar energy within the Middle East.
A KEPCO representative indicated their active involvement in the bidding process, noting, The conditions for the three projects differ, so the final contract outcome and scale will be determined later.
