Riyadh – Mubasher: ACWA Power announced the financial close for the 1500-megawatt Sudair Solar plant, which is being implemented under the Public Investment Fund's (PIF) renewable energy programme.
The PIF-backed company noted that SAPCO, a fully owned company of the Saudi Arabian Oil Company (Aramco), joined the consortium with ACWA Power and PIF’s Badeel, according to a press release on Sunday.
ACWA Power and Badeel will each own 35% in the special purpose vehicle Sudair One Renewable Energy Company, which was incorporated for Sudair Solar project, while SAPCO will hold a 30% stake.
PIF’s renewable energy programme aims to support Saudi Arabia’s ongoing energy transition and diversification, in addition to delivering 70% of the country’s renewable energy under the National Renewable Energy Program (NREP).
Aramco’s investment in the solar Project represents its first participation with PIF in its renewable energy programme.
The Sudair Solar PV project is being executed at an investment value of SAR 3.4 billion, and is set to become one of the largest single-contracted solar PV facilities in the world and the largest of its kind in Saudi Arabia.
The plant is expected to be capable of supplying 185,000 homes with power, while offsetting nearly 2.9 million tonnes of emissions per year.
ACWA Power Chairman, Mohammad Abunayyan, said: “The project will encourage Saudi companies to participate in the implementation of renewable energy projects and support local talent in cultivating the skills and competencies needed in this thriving sector, which constitutes one of the Kingdom’s key pillars for sustainable socioeconomic development."
ACWA Power is projected to invest $16 billion to develop new projects worldwide in 2021.
