The price of the 600MW Al Shuaiba Solar IP project is at an all-time low. The project participated in the second round of renewable energy procurement in Saudi Arabia.

The project would sell electricity at a world-record low of $0.0104 per kWh. The project was selected by the Ministry of Energy in the second round of procurement plans under the framework of the National Renewable Energy Project (NREP).

3.6GW of power generation refers to the cumulative installed capacity allocated through the first two rounds of the scheme, including the Sakaka solar power plant, which will be connected to the grid in November 2019, and the 1.5GW Sudair project, which is being developed directly in consultation with the Saudi authorities.

"More renewable energy projects will be developed across Saudi Arabia, and we will announce them when the time comes," the Crown Prince said. But he did not provide further details on the results of the second round.

The second round of procurement initially attracted 250 bidders. In July, The Saudi Arabian Renewable Energy Project Development Office (REPDO) said it had reduced the number of bidders to 60, including 28 based in Saudi Arabia.

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