Al-Jouf Agricultural secures license for solar energy purchase project with Engie

Al-Jouf Agricultural Development Co. obtained licenses from the official authorities regarding the solar energy purchase contract with French energy firm Engie, according to a statement to Tadawul.

The implementation of the project will start on Oct. 15, 2024, operations will commence in the third quarter of 2025.

In September 2023, the company signed a 25-year solar energy purchase contract with Engie. The agreement will be implemented at the company’s Busaita-base Al Jouf Agricultural Development Complex, which includes factories for producing olive oil, pickles, and French fries with a capacity of 8 MW, which will be merged with the currently used power resources, according to data available with Argaam.

The contract’s average payment will reach SAR 2.9 million per year for the whole contract term for the purchase of solar energy.