Badeel, the Water and Electricity holding company owned company by the Public Investment Fund (PIF), and ACWA Power, today signed power purchase agreements to develop a 2,060 MW solar photovoltaic (PV) plant in Al Shuaibah, Makkah province.
According to the statement, this is the largest facility of its kind in the Middle East to date and the project is expected to start operating by 2025.
“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, which focuses on unlocking the capabilities of promising sectors to enhance Saudi Arabia’s efforts in diversifying revenue sources,” Yazeed A. Al-Humied, Deputy Governor and Head of MENA Investments at PIF, said.
The project will be jointly owned by Badeel 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.
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