An international consortium – led by TotalEnergies, Toyota Tsusho, and Altaaqa Renewable Energy – has secured project financing from Apicorp and Riyadh Bank for a utility-scale solar project in Saudi Arabia.

The group secured a 25-year power purchase agreement (PPA) for the project with Riyadh-based Saudi Power Procurement Co. in an auction held between 2021 and 2022. It offered a levelized cost of energy of SAR0.0700059 ($0.0186920)/kWh. The plant will have a capacity of 119 MW and will be located in Wadi Al Dawasir, in the Dawasir Valley.

Construction is expected to begin in early 2025. Chinese engineering group Sepco has been contracted to build the facility.