The renewables arm of Larsen & Toubro's power transmission & distribution business has secured the go-ahead to begin constructing the 300MW Jeddah Solar PV Power Plant.
The turnkey EPC order has been received from the consortium of Masdar, EDF Renewables and Nesma Company. The project was awarded by Saudi Arabia's Renewable Energy Project Development Office (REPDO) to the consortium under design, finance, build and operate mode. The project has now attained financial closure after the signing ofthe power purchase agreement and thereby the notice to Larsen & Toubro to proceed with the construction.The project is in Third Jeddah Industrial City, 50km south-east of Jeddah. This large utility scale power plant utilizes technologies including bifacial modules, single axial trackers, string inverters and robots for module cleaning.
Commenting on the development, T. Madhava Das, whole-time director & senior executive vice president (utilities), L&T, said: "We are thankful and happy to be a part of establishing major solar projects awarded under the umbrella of Saudi Arabia's pioneering National Renewable Energy Programme (NREP) marking yet another milestone in our green technology path to enable clean energy transition."
L&T is an Indian multinational engaged in engineering, procurement and construction projects, manufacturing, defence and services with over $21 billion in revenue.
On a consolidated basis, the company's net profit rose 4.87% to Rs 2466.71 crore on 1.78% decline in revenue from operations to Rs 35,596.42 crore in Q3 December 2020 over Q3 December 2019.
Share of Larsen & Toubro (L&T) rose 1.05% to Rs 1359.20 on the BSE. It traded in the range of 1345.10 and 1376 so far during the day.
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