Shuaibah 2 (2.06 GW) PV

Shuaibah 2 (2.06 GW) PV - a Solar Independent Power Producer in Saudi Arabia. Capacity 2.1 GW. Winning consortium: ACWA + Badeel + SPPC. LCOE: USD $0.0104/kWh. Status: Operational.

Country

Saudi Arabia

Procurer

SPPC / PIF

City / region

Shuaibah (Makkah)

Capacity

2.1 GW

Status

Operational

LCOE

USD $0.0104/kWh

Winning consortium

ACWA + Badeel + SPPC - equity: ACWA 35.01% / Badeel 34.99% / SPPC 30%

Procurement timeline

• RFP: 2022
• Preferred bidder: Nov 2022
• Commercial close: Nov 2022
• Financial close: Q3 2023
• PCOD: Q3 2025

Prequalified bidders

PIF direct

• ACWA + Badeel (sole)

Financing

• Capex: USD 2.37 bn (full complex)
• Debt: USD 1.8 bn
• Lenders: Standard Chartered, Mizuho, SMBC, BNP Paribas

Technical scope

Process: Bifacial mono-PERC + trackers

World-record LCOE at award (1.04c/kWh)

Notes

Companion Shuaibah 1 (600 MW) separate SPV.

EPC contractor: PowerChina

Sources

• Enerdata
• SaudiGulf

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Part of the GulfInfra · GCC Infrastructure Library - a free open-source benchmark of 136 public-private partnership procurements across the GCC. Methodology: how we build this.