The Economic Times reported on March 8 that the Saudi Ministry of Energy awarded the El Ras and Saad solar photovoltaic projects to two consortia with a total capacity of 1,000 MW. The main buyer, Saudi Power Procurement Company, signed the agreement with the two winning consortia. power purchase agreement. The first agreement is the Ayers Solar PV project in the Qasim region, signed with Ayers Solar, a consortium of ACWA Power, State Power Investment Corporation and WEHC Holdings, with a project capacity of 700 MW and an investment of 700 MW. About 1.7 billion riyals, the electricity purchase cost is 5.62 halala/kWh. The second agreement is for the Saad Solar PV project in Rama Province, Riyadh Region, owned by a consortium of JinkoPower (Hong Kong) Co., Ltd., JinkoPower Middle East Holdings, and JinkoPower Davra Holdings. Signed by Al Ghazala Energy Company, the project investment is about 800 million riyals, the production capacity is 300 megawatts, and the electricity purchase cost is 5.56 halalas/kWh. The two projects will help secure the energy needs of more than 180,000 households and reduce carbon emissions by 1.75 million tons per year. It is worth mentioning that the Saudi Ministry of Energy has signed a 25-year agreement with the Saudi Power Procurement Company to support all renewable energy projects it is developing under the IPP model. Energy Minister Prince Abdulaziz bin Salman announced at the same time that the energy system is launching such projects with the goal of producing around 15,000 megawatts of electricity from renewable energy sources between 2022 and 2023.