Saudi Arabian energy developer ACWA Power and Badeel, a subsidiary of the Saudi Public Investment Fund (PIF) will partner to develop a 2,060MW solar PV project in the country’s Makkah province.
Expected to be operational by the end of 2025, the project will be jointly owned by Badeel and ACWA Power through the establishment of a new dedicated organisation, the Shuaibah Two Electrical Energy Company.
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The announcement of the project also came with the signing of a power purchase agreement (PPA) with the Saudi Power Procurement Company (SPPC). In March this year, the SPPC signed another PPA with ACWA Power, as well as one with Jinko Power, as part of the country’s aim to deploy 15GW of renewables projects in the next two years.
“This marks a key achievement toward PIF’s commitment to develop 70% of Saudi Arabia’s renewable energy by 2030. Utilities and renewables is one of PIF’s priority sectors as part of its domestic strategy,” said Yazeed A. Al-Humied, deputy governor and head of MENA investments at PIF.
ACWA Power currently has five solar energy facilities in Saudi Arabia, one of which, the 1.5GW Sudair plant, was the largest Saudi Arabian solar installation before the announcement of the Al Shuaibah project. It is also under development in consortium with Badeel.