Arab News, Monday, Aug 16, 2021 | Muharram 7, 1443
Aramco joins PIF-backed consortium to finance Saudi Arabia’s biggest solar project
Saudi Arabia:
A consortium led by developer
ACWA Power has reached financial closure for the 1,500-megawatt Sudair solar
plant, a key project in Saudi Arabia’s renewable energy push.
The developer also announced that Aramco-owned
SAPCO has joined the consortium, marking the oil giant’s first participation in
the Saudi Public Investment Fund’s renewable energy program.
Announced in April, the Sudair plant is a major
part of PIF’s renewable program. The fund has a 30 percent stake in ACWA Power
and owns utility company Badeel, another member of the consortium.
The site, which is pegged to be the world’s
largest single-contracted solar photovoltaic plant, will be located in Sudair
Industrial City in Saudi Arabia’s north.
“A specialized Saudi technical team at the
Ministry of Energy selected the Sudair project site and carried out the
engineering requirements and preliminary studies of the project,” ACWA Power
said in a statement.
“Sudair solar is testament to the Kingdom’s
continuous efforts to reduce energy sector emissions,” it added.
The program aims to support Saudi Arabia’s energy
transition and diversification, delivering 70 percent of the Kingdom’s renewable
energy under the National Renewable Energy Program (NERP).
Around SR3.4 billion ($900 million) in investments
were announced to build the Sudair solar plant, which is expected to power
185,000 homes, while offsetting nearly 2.9 million tons of emissions per year.