KAEC, 25 August 2022: King Abdullah Economic City (KAEC) and SAFEER, a joint venture between TotalEnergies and Altaaqa Alternative Solutions, officially signed a letter of intent to provide a major hybrid solar power farm project for KAEC. The strategic agreement provides the framework to develop an estimated 25,000 solar panels (ground-mounted motorized system) producing a capacity of 12.5-megawatt peak (MWp) for the city.
The hybrid solar power farm is expected to reduce KAEC’s carbon footprint of nearly 20,380 metric tons of CO2 emissions per year as well as decrease diesel consumption by approximately 30%. In addition, the project will attribute KAEC’s targets for waste collection and recycling, as well as the construction of landfill-free certified factories. The collaboration with SAFEER is also aligned with KAEC’s goals to be both socially and environmentally sustainable, while also allowing the city to explore new and efficient development solutions benefiting the entire community.
Commenting on the partnership, Cyril Piaia, CEO of KAEC, said: “We are excited to launch KAEC’s first Sustainability project in line with the Kingdom’s Green Initiative, Vision 2030 and the overall United Nations Sustainable Development Goals (UNSDG) for the planet. Signing with SAFEER will enable KAEC to move away from diesel-powered generators and produce green energy for the city and for renowned electric vehicle manufacturers such as LUCID. This hybrid solar farm will also significantly reduce KAEC’s carbon footprint as well as reduce our power generation cost of 17%, which is a nice value-add to the project.”
Francois Ganneau, Managing Director of SAFEER, commented: “As organizations continue to collaborate for the sake of prosperity within the Kingdom of Saudi Arabia, we at SAFEER continue to prioritize initiatives that create a net-positive environmental impact. The signing of this strategic agreement with KAEC to construct a state-of-the-art hybrid solar power farm is a great opportunity for SAFEER to utilize our expertise and resources in developing sustainable projects within the Kingdom. We thank KAEC for their trust and continued support and we look forward to the successful completion of this landmark facility.”
TotalEnergies and Altaaqa Alternative Solutions (a subsidiary of Zahid Group) formed SAFEER as a joint venture intended to serve as a leader in the commercial and industrial solar energy sector within the Kingdom of Saudi Arabia and the Kingdom of Bahrain.
To put the impact of KAEC’s 12.5 MWp capacity hybrid solar power farm into context, the project will annually produce around 29.GWh of clean energy, equivalent to approximately 80 million kilometers driven by an average vehicle passenger, or equivalent to carbon sequestered by more than 335,000 tree seeds grown for 10 years. KAEC targets to recycle 85% of the solar system through the lifetime of the PV panels.
KAEC further hopes that the delivery of this cost-effective and reliable solar energy solution will serve as an example of solar technology’s emerging use within the Kingdom of Saudi Arabia.
This solar farm project is also fully part of KAEC’s upcoming Sustainability strategy that will be soon announced, along with adherence to ESG principles which are gaining more and more attention within the Kingdom. Environmental, Social & Governance (ESG) criteria will become a key driver of Foreign Direct Investments into the Kingdom and KAEC intends to position itself at the forefront of such initiatives.
About King Abdullah Economic City
King Abdullah Economic City (KAEC) is an emerging destination centrally located on the Red Sea coast of Saudi Arabia. Located a short distance north of Jeddah, KAEC is a 185 square kilometer city anchored by King Abdullah Port—recently named by the World Bank as the most efficient port in the world—and KAEC Industrial Valley, which is focused on logistics and light manufacturing. Over 100 multinational and Saudi companies have already made their home in KAEC, engaging in diverse activities ranging from advanced logistics to automotive, pharmaceuticals, FMCG, packaging, and building materials manufacturing. KAEC is directly connected to the Haramain high speed railway network and the Saudi National Highways grid, making the city a key node along the Red Sea economic corridor.
KAEC also offers a modern leisure and tourism district which includes over 40km of pristine coastline, several hotels and the award-winning Royal Greens international tournament golf course. In 2021, the city welcomed over 1 million visitors, and has developed a range of lifestyle residential communities for its growing population of full-time residents and second home owners.
With its strategic location, advanced infrastructure and investor-friendly regulation, KAEC is a ready-made platform for Saudi Arabia’s Vision 2030 initiatives. The city serves as a testbed for new government initiatives, has been host of pioneering national events, and is a preferred site for large-scale, strategic projects across many key sectors. A prime example of the country’s commitment to private-public partnership, KAEC is actively contributing to national objectives embodied in Vision 2030, from attracting foreign direct investment to developing the tourism sector, promoting sports, entertainment and the arts, creating new jobs, and growing non-oil exports through companies operating in its Industrial Valley.
KAEC welcomes third party investors, real estate developers and operators to realize their projects and ambitions in the city and accelerate its development. Emaar, The Economic City (EEC) is the master developer of the city and acts as the master planner, primary infrastructure developer, enabler and facilitator of KAEC. EEC is a Tadawul-listed public joint stock Saudi company established in 2006 and is 25% owned by the Public Investment Fund (PIF).
For more information, visit: https://kaec.net
SAFEER is a joint venture between TotalEnergies and Altaaqa Alternative Solutions (a Zahid Group Company), which offers industrial and commercial clients the route to accessing solar energy via a lease model.
SAFEER’s goal is to deliver cost-effective, reliable solar energy solutions across the Kingdom of Saudi Arabia and the Kingdom of Bahrain.
Specializing in commercial and industrial solar installations, the joint venture leverages TotalEnergies’ access to the entire photovoltaic solar value chain and Altaaqa’s two decades of leadership in delivering independent power generation and water solutions.
Media Relations: Alexandra Roger-Machart ([email protected])