Saudi Arabia installed 3.75 GW of new solar PV capacity in 2024 with 5 projects
Solar dominates its renewable energy mix, comprising 9 out of 10 projects installed in the country
The Shuaibah 1 Solar Project has achieved the lowest LCOE in Saudi Arabia with SAR 3.9 halalas/kWh
Saudi Arabia commissioned 5 new solar energy projects in 2024 with a combined capacity of 3.75 GW, according to the country’s General Authority for Statistics. Solar now dominates the Kingdom’s renewables mix, accounting for 6.15 GW across 9 of 10 projects.
Saudi Arabia’s total installed renewable energy capacity at the end of last year was 6.55 GW, including 400 MW of wind energy capacity.
At the end of the reporting period, approximately 1,140,800 housing units were being supplied with renewable energy in the Kingdom.
Among the projects that came online last year is the Shuaibah 1 Solar Power Project. According to official findings, this facility has achieved the lowest levelized cost of energy (LCOE) in Saudi Arabia at SAR 0.039 ($0.010)/kWh. At this price, it outperforms other renewable projects in the country, which had LCOEs ranging from SAR 0.039 to SAR 0.1118 ($0.031)/kWh.
The Shuaibah 1 Solar Project, with an installed capacity of 600 MW AC, was commissioned by ACWA Power in Makkah province in November 2024, using n-type bifacial monocrystalline silicon modules. The company recently commissioned the Shuaibah 2 project with 2.06 GW AC capacity, located adjacent to Shuaibah 1 (see ACWA Power Commissions 2 GW AC Saudi Arabia Solar Project).
According to the agency, total investments in renewable energy projects amounted to around SAR 19.8 billion ($5.28 billion) at the end of 2024, comprising SAR 18.26 billion ($4.8 billion) for solar energy and SAR 1.57 billion ($420 million) for a wind energy project.
Solar was the largest source of clean electricity in the country with a 1% share in 2023, according to Ember, even though it relied on fossil fuels for 99% of its electricity. As it targets to achieve 58 GW of solar PV capacity under its Vision 2030 strategy, Saudi Arabia is accelerating the pace of renewable energy installations.
Recently, the principal buyer of electricity from independent power producers (IPP) in the country, Saudi Power Procurement Company (SPPC), entered into offtake agreements with ACWA Power for 15 GW capacity, including 12 GW solar (see SPPC Inks 15 GW Renewable Energy Deals In Saudi Arabia).
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