DUBAI: 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.