Highlights
- Sudair Solar PV project is set to become one of the world's largest Solar PV plants by capacity and Saudi Arabia's largest. The project is considered a key achievement towards PIF's commitment to develop 70% of Saudi Arabia's renewable energy by 2030
- With an investment value of approximately SAR 3.4 billion and 1,500MW, Sudair Solar PV project will be capable of powering 185,000 homes and offsetting nearly 2.9 million tons of emissions per year
- ACWA Power - in which PIF holds a 50% stake - leads the consortium to develop the project alongside PIF portfolio company Water and Electricity Holding Company "Badeel"
The Public Investment Fund ("PIF" or "Fund") announced today (April 8) a major milestone in its renewable energy program with the launch of the Sudair Solar PV plant in Sudair Industrial City, with a PIF-backed consortium signing a power purchase agreement with the Saudi Power Procurement Company for 25 years, which represents an important step within the renewable energy program that is being implemented under the umbrella of the National Renewable Energy Program.
The announcement came during the inauguration ceremony of the Sakaka solar PV plant under the patronage of HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister, Chairman of the Supreme Committee for Energy Mix Affairs for Electricity Production and Enabling Renewable Energy Sector. The ceremony was attended by HRH Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, Minister of Energy, and HRH Prince Faisal bin Nawwaf bin Abdulaziz Al Saud, Governor of Al-Jouf Region.
ACWA Power
comms@acwapower.com
HQ: Business Gate Office Complex, Building 1
Riyadh, Kingdom of Saudi Arabia
