RIYADH: The Saudi Public Investment Fund has launched the Sudair Solar Energy project in Sudair Industrial City, one of the largest solar parks in the country.
A consortium with ACWA Power, which is 50% owned by PIF, and Badeel, will invest SR3.4 billion ($907 million) in the 1.5-GW solar PV project, Al Arabiya reported.
The first phase of the project is expected to begin producing electricity during the second half of 2022 at the second-lowest price ever achieved globally for a solar PV project, 1.239 cents per KWh.
The plant will meet the energy needs of 185,000 houses and reduce carbon emissions by about 2.9 tons annually.
The announcement came during the inauguration ceremony of the 300-MW Sakaka solar power plant sponsored by Crown Prince Mohammed bin Salman on Thursday where he announced seven new solar projects located in Madinah, Sudair, Qurayyat, Shuaiba, Jeddah, Rabigh and Rafha.
"The launch of the Sudair Solar Energy Project is integral to the Kingdom's goals in promoting the growth of renewable energy and the localization of technologies related to it and taking advantage of the Kingdom's natural capabilities to develop the sector," said Yasir Al Rumayyan, managing director of PIF.
Saudi PIF launches massive 1.5-GW Sudair Solar Energy project
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Saudi PIF launches massive 1.5-GW Sudair Solar Energy project
- ACWA, Badeel will invest SR3.4 billion in the project
- First phase expected to begin producing electricity in H2, 2022
