FAS Energy, along with its partner Marubeni Corporation, has secured a project development agreement for a 52 MW Rooftop On Grid Solar System portfolio in Saudi Arabia. The project will be deployed across multiple locations and will consist of both PV Carport System and Rooftop On Grid Solar System, alone with great intentions to expand to more Hybrid PV System with Solar Battery Storage. The solar facilities will be jointly owned and operated by FAS Energy and Marubeni through a 50%-50% joint venture. The systems will sell power to Cenomi through individual power purchase agreements. The selection of contractors and suppliers for the project is expected to take place early in 2024. Cities including Jeddah, Riyadh, Khobar, Medina, and Mecca have been included in the selected locations for this project. This project marks an important step towards the adoption of solar power in Saudi Arabia, aligning with the nation's wider goals of increasing the share of renewable energy in its power mix. The collaboration between FAS Energy and Marubeni is expected to achieve this important milestone in the clean energy transformation of Saudi Arabia.
Although the two companies didn't disclose the financial terms and purchase price of the PPAs, Schrauf explained that the agreed price is slightly below current energy prices in Saudi Arabia.
"But is guaranteed for 20 years, which enables companies to make corporate and financial planning," he said. "That's exactly the rationale for a lot of clients that we've seen globally. They want to be able to forecast their electricity pricing."
