Wadi Ad Dawasir Solar PV IPP

EvoInfra is proud to have provided financial model audit advice to TotalEnergies, Toyota Tsusho Corporation, and Alternative Solutions for Renewable Energy for their successful bid and financial close on the Wadi Ad Dawasir 120MW Solar PV Independent Power Project (IPP) in the Kingdom of Saudi Arabia. This landmark project reflects the Kingdom’s ongoing commitment to renewable energy development under its ‘Vision 2030’ initiative.

About the Wadi Ad Dawasir Solar PV PPP

The solar plant will be located in Wadi Ad Dawasir, situated in the southern region of Saudi Arabia. Construction began in June 2023, with commercial operations expected to begin in March 2025. The 120MW solar PV project is poised to contribute significantly to the Kingdom’s renewable energy goals, enhancing sustainability and energy independence while supporting economic growth in the region. The public-private-partnership (“PPP”) project will benefit from a 25-year Power Purchase Agreement (“PPA”) with the Saudi Power procurement Company (“SPPC”) as an off-taker.

The PPP project is part of Saudi Arabia’s ambitious renewable energy program, the Renewable Energy Project Development Office’s (“REPDO”) third round (REPDO3). Initially tendered in 2020, the Wadi Ad Dawasir project was one of four projects under the REPDO3 program. The consortium’s success in reaching financial close, despite challenges posed by the COVID-19 pandemic and subsequent economic pressures, highlights their resilience and dedication to advancing renewable energy in Saudi Arabia.

Our Expertise in the Region & Sector

EvoInfra’s understanding of and experience working within the Middle East coupled with our familiarity with solar projects ensured our model assurance service was efficient and well-informed, considering the specificities of the region and local procurement processes. 

Hamish Tulloch, who led the audit team on this project, remarked: “We are delighted to have supported the consortium in finally getting this project to financial close, congratulations to all involved. We look forward to supporting further renewables deployment in Saudi and across the wider Middle East.”

Supporting Saudi Arabia’s Vision 2030

Saudi Arabia’s Vision 2030 initiative highlights the Kingdom’s commitment to diversifying its economy and reducing its dependence on fossil fuels. Renewable energy projects like the Wadi Ad Dawasir Solar PV IPP play a pivotal role in achieving these goals. We are pleased to be supporting the Kingdom’s transition to sustainable and diversified energy generation, harnessing our teams understanding of Middle Eastern markets.

As Saudi Arabia continues to attract global investment in renewable energy, our expertise and proven track record across financial advisory, model build and model audit make us a trusted partner for developers and investors seeking to navigate the complexities of large-scale infrastructure projects in the region.

Contact EvoInfra for Financial Model Audit Services in Saudi Arabia

Our team has extensive experience working on high-profile renewable energy projects in the Middle East. Contact us today to learn how we can support your next project.