Shandong Electric Power Construction, or Sepco for short, has secured the major contract for building the 300 MWac photovoltaic power plant in Rabigh, Saudi Arabia.

The Rabigh 2 is one of the major projects Saudi Arabia employs to diversify energy resources and, therefore, diminish the reliance on liquid fuels.

As discussed above, the transaction deal is a 300 MWac photovoltaic power plant. A 33kV/110kV booster station and a 110 kV overhead line will also be constructed as a substructure. Under the contract, the engineering, procurement and services of the 300MW solar power station is also included. These service requirements will be met by Sepco.

Supports National Policy

Saudi Arabia is undertaking the solar power station as part of Round 5 of the National Renewable Energy Program.

The NREP program intends to create an optimal energy mix for the production of power. The energy mix will include gas and renewable energy. Each of these sources will contribute approximately 50% by 2030, according to the plan.

The solar power station aligns with Saudi Vision 2030. The vision aims to reduce reliance on liquid fuels, while embracing cleaner energy sources.

Collaboration with Leading Partners

Earlier this month, a consortium comprising TotalEnergies and Saudi developer Aljomaih Energy and Water Company signed a 25-year Power Purchase Agreement (PPA) with the Saudi Power Procurement Company (SPPC). This secures long-term stability for the solar plant and implies it will be contributing to the needs of the nation for generations.

Connection to the Grid Planned for 2026

The consortium will develop, construct, and own the plant after creating it. They will connect the solar power plant to the national grid in 2026.

The Rabigh 2 solar power station boosts Saudi Arabia’s journey towards energy transformation. With the new initiative, the kingdom will get closer to its energy targets. The initiative’s goal is to make a substantial contribution to guaranteeing a cleaner, better future.

The European Bank for Reconstruction and Development (EBRD) has committed €21.7 million to the P&E Investments Axiopoiisis & Anaptyxis Akiniton consortium in Greece. EBRD is investing to acquire a 20% equity stake in the consortium, using the funds to purchase shares in Skyline, a newly created special purpose vehicle

Skyline Portfolio and Redevelopment Plans

Skyline, a newly-formed entity within the consortium, holds a portfolio of approximately 460 commercial and residential properties. The consortium has identified these properties for redevelopment, repositioning, or sale. The consortium, which includes EBRD, Dimand, and Premia Properties, will acquire a 65% controlling stake in Skyline, while Alpha Bank will retain the remaining 35%.

The project aims to transform prime real estate assets, enhancing their value through redevelopment and repositioning efforts. The project aims to improve primary and secondary cities’ functionality and create investment opportunities for retail investors in existing buildings.

Sustainability and Green Building Standards

The project will improve the sustainability of the real estate sector while also offering financial benefits. It will promote resource efficiency, green leases with tenants, and raise awareness about energy and water efficiency. Redeveloped properties in the Skyline portfolio will target high green building standards, including LEED Gold or BREEAM Very Good certifications.

The project also aims to strengthen climate governance practices within the real estate sector. The project will follow the GRESB reporting standards to enhance the sustainability report and keep up with international environmental, social, and governance standards.

Also read: EBRD Funds Africa’s Largest Onshore Wind Farm in Egypt

EBRD’s Contribution to Greek Economic Growth

EBRD has been operating in Greece since 2015 under provisional arrangements, helping this country come out of economic crises. To date, more than €8 billion have been invested in 116 projects carried out by the bank under its corporate, financial, energy, and infrastructure sectors contributing to economic development in Greece. The EBRD is now furthering its commitment to sustainable growth and development in Greece with this new investment in the real estate sector.