The two projects are valued at around 2.5 billion riyals ($666 million).

The statement said that the Saudi Power Procurement Company (SPPC), which is the principal buyer, signed the projects’ related agreements including the power purchase agreements with the winning consortium of Ar Rass Solar projects that includes Ar Rass Solar Energy Company, owned by ACWA Power, as managing and technical member, SPIC and WEHC as members.

The statement said that the Saad Solar project wining consortium is led by Jinko Power (HK) Company Limited as managing and technical member, Jinko Power Middle East Holding Co. Ltd and Jinko Power Dhafra Holding Co. Ltd as members.

Saudi Energy Minister Prince Abdulaziz bin Salman said "the energy ecosystem, in its endeavour to reach the optimal energy mix, aims to release additional renewable energy projects with a total capacity of around 15,000 MW in 2022 and 2023", according to the statement. ($1 = 3.7519 riyals)