Saudi Arabia: Public Investment Fund (PIF) reaches major milestone in landmark Solar PV project
12 Apr 2021
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
Saudi consortium secures 1 5GW solar PPA renews.biz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from renews.biz Daily Mail and Mail on Sunday newspapers.
A consortium of Masdar, EDF Renewables and Nesma Company has reached financial close and started construction on a 300MW solar farm in Saudi Arabia.
The plant, located near Jeddah, secured the project from Saudi Arabia’s Ministry of Energy after submitting the most cost-competitive bid of $16.24 a megawatt-hour, EDF said.
The consortium signed a 25-year Power Purchase Agreement (PPA) with Saudi Power Procurement Company in January.
Under the terms of the PPA, the consortium design, finance, build and operate the plant, which will be located in Third Jeddah Industrial City, 50km south-east of Jeddah.
The plant will begin operations in 2022.
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Masdar Consortium to Commence Work on 300MW Saudi Project albawaba.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from albawaba.com Daily Mail and Mail on Sunday newspapers.