Riyadh – Mubasher: Al Jouf Agricultural Development Company signed a solar energy purchase contract with the French energy company (Engie) on 30 August 2023, according to a bourse disclosure.
This aligns with the Ministry of Environment, Water, and Agriculture’s strategy to preserve natural resources and focus on sustainability, and clean energy projects.
The project will be established at the company’s site in the Busaita area for the industrial complex for olive oil and pickles factories and the French fries factory with a capacity of 8 megawatts (MW).
Under the 25-year deal, the average annual payments for the contract will be SAR 2.90 million, which will be used for the purchase of solar energy.
Al Jouf Agricultural expects that the construction of the project will start on 30 September 2023, while the start of the operation will be on 30 September 2024.
Meanwhile, the impact resulting from reducing the cost will begin to appear gradually during the first year from the date of operation.
The value of the financial impact will be determined in accordance with the prevailing fuel prices at the time.
