Saudi’s National Agricultural Development Company (NADEC) recently announced that it has completed the 10 MW (first phase) of its 30 MW solar power project.
NADEC is one of the largest foods and agricultural companies in the Middle East and North Africa region.
The remaining 20 MW of the final phase will be completed by the end of October 2021, the company said.
The preliminary estimates show that the first phase is expected to reduce the company’s fuel consumption in the range of 2,900,000 liters, which would reduce energy costs by 740,000 Saudi riyals ($197,303.60).
The cost savings would be reflected in the financial results for the fourth quarter.
The company said the expected total decrease in fuel consumption once the entire project starts operations will be around 16,000,000 liters, equivalent to 4.1 million riyals ($1.09 million), which will reduce the company’s energy costs by 4%.
NADEC signed a 25 year PPA in July 2019 with France’s Engie at a fixed price of 9.4 halalas per kWh to implement the solar power project.