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The National Agricultural Development Company (NADEC) announces signing agreement of 30 MW Solar Energy Project in Haradh.

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Announcement Detail The National Agricultural Development Co. (NADEC) is pleased to announce the approval of the Board of Directors on 22/11/1440H corresponding to 25/07/2019 to enter into a Solar Power Purchase Agreement (PPA) with French World Energy Actor (Engie) Co. for a term of 25 years to be implemented at NADEC City in Haradh. The PPA will integrate a 30 megawatt solar power project with NADEC’s current energy generation resources.

The PPA provides for the purchase of energy from Engie Co. at a fixed price of 9.4 Halalahs per kWh. NADEC will not seek any financing in respect of the project as it will not incur any capital or operational expenditure.

The implementation of this project is expected to reduce NADEC’s fuel consumption within limits 124,000 barrels per year, which will lead to reducing carbon emissions by 53 million kgs per year. The project is expected to kick-off on 31/10/2019 with a targeted commercial operation date on 31/10/2020 with an operational trial period of 60 days. According to the company's initial estimates, the financial savings from the reduction in fuel consumption will start gradually from the date of operation based on the fuel prices prevailing at the time.

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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