Saudi Arabia to get its largest solar plant
Acwa Power and the Water and Electricity Holding Company (Badeel), of Saudi Arabia, have signed power purchase agreements to develop a 2.1 GW solar PV plant.
Image source: Energy & Utilities
Saudi Arabia, Al Shuaibah: ACWA Power and the Water and Electricity Holding Company (Badeel) of Saudi Arabia have signed power purchase agreements to develop a 2.1 GW solar PV plant in Al Shuaibah, Makkah province.
The signing last week in Riyadh marks the Kingdom’s further advance into development of large-scale renewable power plants for its power grid.
The project will be jointly owned by Badeel, wholly owned by Saudi Arabia’s Public Investment Fund (PIF), and Acwa Power. Each company will hold a 50 % equity stake through the establishment of “Shuaibah Two Electrical Energy Company,” a joint company dedicated to the development of the project.
The new company signed a power purchase agreement with the Saudi Power Procurement Company (SPPC) as offtaker, valued at $1.75 B according to a statement from Acwa Power.
“This marks a key achievement toward PIF’s commitment to develop 70 % of Saudi Arabia’s renewable energy by 2030,” said Yazeed A. Al-Humied, Deputy Governor and Head of MENA Investments at PIF.
Source: Energy & Utilities
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