Riyadh — Mubasher: Tabuk Agricultural Development Company (TADCO) signed a non-binding memorandum of understanding (MoU) with 386 Vibrant Solar Solutions to study and develop a solar photovoltaic power plant and associated electrical infrastructure.
The project will be located at the company’s facilities in the Tabuk region and is designed to transition the firm toward renewable energy sources.
The proposed solar project is expected to have an annual production capacity of approximately 195,000 MWh.
As part of the preliminary development phase, the company has already secured two study permits from the Saudi Electricity Regulatory Authority for two solar plants intended for self-consumption.
Each of these plants has a licensed capacity of 25.5 MW (AC).
386 Vibrant Solar Solutions, a Saudi limited liability company, will act as an independent power producer, providing the necessary expertise for the development and financing of the infrastructure.
The MoU has an indefinite duration and does not carry any immediate financial impact. TADCO confirmed there are no related parties involved in the transaction.
The listed company recently penned a SAR 19.14 million deal with Food Business Square Company for the cultivation and sale of onions.
