Masdar-EDF Renewables-Nesma consortium reaches financial close and starts construction on 300 MW solar project in Saudi Arabia

Masdar-EDF Renewables-Nesma consortium reaches financial close and starts construction on 300 MW solar project in Saudi Arabia

• Masdar-led consortium with EDF Renewables and Nesma Company won Jeddah 300 MW PV IPP project after submitting lowest bid
• Power Purchase Agreement (PPA) was signed in January 2021; plant expected to start commercial operation in 2022

Abu Dhabi, Paris, Riyadh, April 12, 2021: The consortium led by Masdar and EDF Renewables, both global leaders in renewable energy, and Nesma Company, announced today it has reached financial close on a 300-megawatt (MW) utility-scale photovoltaic (PV) solar power plant in Jeddah and is starting construction.

The Saudi Arabia's Ministry of Energy awarded the consortium the 300 MW Jeddah project, after it had submitted the most cost-competitive bid of SAR60.9042 (US$16.24) per megawatt hour. The consortium signed a 25-year Power Purchase Agreement (PPA) with Saudi Power Procurement Company (SPPC) this January for the project. Under the terms of the PPA, the consortium design, finance, build and operate the plant, which will be located in Third Jeddah Industrial City, 50km south-east of Jeddah. The plant will begin operation in 2022.

Mohamed Jameel Al Ramahi, Chief Executive Officer, Masdar, said, 'This project demonstrates Masdar's continuing support for Saudi Arabia's Vision 2030 objectives and its climate goals. Through its National Renewable Energy Program, Saudi Arabia is fast developing into a global renewable energy player, and Masdar will continue to work with the Saudi government on driving its clean energy transition, including helping to reach its renewables capacity target of 27.3GW by 2024.'

Bruno Bensasson, EDF Group Senior Executive Vice-President Renewable Energies, added, 'We would like to thank the Saudi Arabia's authorities for the official award of the 300 MW-Jeddah project last week. We are delighted to pursue our commitment to contribute to the energy transition of the country with this new solar plant project alongside our partners Masdar and Nesma. After the 400 MW Dumat al Jandal wind power farm currently under construction in the North of the Kingdom, this solar project highlights our strong commitment to contribute to Saudi Arabia's goal to produce 50 percent of its electricity from renewable sources by 2030. It clearly demonstrates our ability to jointly provide highly competitive bids. These large-scale renewables installations are perfectly in line with the EDF Group's CAP 2030 strategy, which aims at doubling its renewable energy net capacity in operation worldwide, between 2015 and 2030, from 28 to 60 GW net.'

Faisal Al Turki, President of Nesma, said, 'Masdar, EDF Renewables and Nesma will continue to innovate and optimize solar power projects; the Jeddah project is an excellent example of how the consortium is leveraging international, regional and local expertise to great effect.'

The Jeddah solar plant will utilize the latest technology in the PV market, combining bifacial PV modules with mounting structures that utilize single-axis tracking technology to maximize energy generation by following the sun's position throughout the day. State-of-the-art robots will also be used to clean the modules.

In 2019, a consortium led by EDF Renewables in partnership with Masdar was selected to build a 400 MW utility-scale wind farm in Dumat Al Jandal - Saudi Arabia's first wind energy project and the largest in the Middle East. The plant will start operation and generate carbon-free electricity by late 2022.

About Masdar

Abu Dhabi's renewable energy company Masdar is advancing the commercialization and deployment of renewable energy, sustainable urban development and clean technologies to address global sustainability challenges. Wholly owned by Mubadala Investment Company, the strategic investment company of the Government of Abu Dhabi, our mandate is to help maintain the UAE's leadership in the global energy sector, while supporting the diversification of both its economy and energy sources for the benefit of future generations. Today, Masdar is active in more than 30 countries, including the UAE, Jordan, Saudi Arabia, Mauritania, Egypt, Morocco, the UK, the US, Australia, Spain, Serbia, India, Indonesia, Uzbekistan, and many more.

The power generating capacity of the renewable energy projects in which Masdar is a partner is more than 5GW, representing a combined investment of approximately US$14.3 billion and spanning more than 30 countries.

Contacts:

E-mail: [email protected]

Tel enquiries in Arabic: +971 2 653 3333

Tel enquiries in English: +971 2 653 6014

For more information please visit: http://www.masdar.ae and connect: facebook.com/masdar.ae and twitter.com/masdar

About EDF Renewables

EDF Renewables is a leading international player in renewable energies, with gross installed capacity of 13.8 GW worldwide. Its development is mainly focused on wind and solar photovoltaic power. EDF Renewables operates mostly in Europe and North America but is continuing to grow by moving into promising emerging regions such as Brazil, China, India, South Africa and the Middle East. The company has strong positions in offshore wind power, but also in other areas of the renewable energies industry such as energy storage. EDF Renewables develops, builds, operates and maintains renewable energies projects, both for itself and for third parties. EDF Renewables is the EDF Group subsidiary specialising in developing solar and wind power.

For more information, visit: www.edf-renewables.com

Follow us on LinkedIn: https://www.linkedin.com/company/edf-renewables and on Twitter (@EDF_RE in French and @EDF_Renewables in English).

Press contacts:

Manon de Cassini ▪ tel. : +33 (0)1 40 90 48 22 ▪ email : [email protected]

Alexandra Taleva ▪ tel.: +971 (0)56 694 36 87 ▪ email: [email protected]

Nesma Holding Company

Nesma Holding is a privately owned Saudi Arabian company that maintains a varied business portfolio in Saudi Arabia, Dubai, Egypt and Turkey. Nesma Holding and its subsidiaries enjoy a long-standing reputation of financial strength and stability honed over many years of sound management and prudent practices at all levels. Nesma's business integrity and quality standards translate into exceptional services and products offered to businesses and individual consumers alike. Since Nesma Holding was established in 1979, its creation of joint ventures and partnerships with international companies as well as its acquisition and development of subsidiary companies has bolstered its reputation as a serious player in the diversifying economy of Saudi Arabia. At Nesma, we aspire to be the most respected diversified company in all our countries of operation. Nesma is dedicated to bringing innovative ideas to life, in business as well as society. Today, Nesma maintains a diverse portfolio of companies across various sectors, such as:

• Engineering & Construction
• Water & Electricity
• Business & Consumer Services
• Transportation & Marine Services
• Materials & Manufacturing
• Technology
• Retail & Consumer Products
• Investment & Finance

Press contact:

Rana Abdullah Zumai

Email: [email protected]

Tel: 12663322 Ext.1215Mobile: +966594313045