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KSA’s Alfanar Projects inked strategic contracts worth over SAR 20 bn with the Saudi Electricity Company for battery storage projects and grid improvements, according to a statement. No timeline or specific investment tickets were disclosed for the projects.
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The details: The projects include the development of a mega High-Voltage Direct Current (HVDC) Converter Station in collaboration with China Electric Power Equipment and Technology company. The station will enable high-capacity power transmission across the Central, Western, and Southern regions, with a total capacity of 7 GW. Additional projects include Battery Energy Storage Systems, Smart Distribution Centers, and the integration of renewable energy into the national grid.
Alfanar has been busy: The company allocated SAR 10 bn (USD 2.67 bn) to build and operate five temporary housing complexes in Neom last year. The project will include solar power, wastewater treatment, and computerized waste management facilities to ensure the complex’s sustainability. It also planned to invest up to USD 1.5 bn in Egypt this year, and has signed a USD 3.5 bn agreement earlier in 2022 to build green hydrogen and ammonia facility in the country. It was also among the bidders qualified by Oman’s Nama Power and Water Procurement Company for each of its five wind IPPs in September this year.
