Riyadh – Mubasher: National Agricultural Development Company (Nadec) has completed the construction works of the first phase of its 30-megawatt solar energy project in Haradh.

This phase will be operating 10-megawatt capacity, with the final phase is due completion at the end of October this year, to be followed by the commercial operation of the project, according to a bourse filing on Tuesday.

Preliminary estimates indicated a decrease of about 2.9 million litres in fuel consumption after operating the first phase, which would reduce energy costs by SAR 740,000.

The financial impact of operating phase I is expected to reflect gradually on the income statements of the fourth quarter (Q4) of 2021.

Meanwhile, when operating the full project at 30-megawatt capacity, the decline in fuel consumption would reach 16 million litres and the energy cost would be reduced by 4% or SAR 4.1 million.