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FinancialNews
01-12-22
PIF-possessed Badeel, ACWA to establish MENA’s biggest solar plant in nation
(MENAFN) Saudi utility company ACWA Power has inked power purchase deals with the Water and Electricity Holding Co. to improve the largest solar plant of its form in the Middle East, with a volume to generate for 350,000 households.
The 2,060 MW solar photovoltaic plant is going to be established in Al Shuaibah, Makkah district as well as is anticipated to start commercial actions by the October-December period of 2025.
Recognized as Badeel, the Water and Electricity Holding Co., entirely possessed by the Public Investment Fund, is going to mutually possess the venture with ACWA Power, with the two firms owning a 50 percent equity share each.
The venture is going to be completed via an additionally built mutual firm named Shuaibah Two Electrical Energy Co.
Yazeed A. Al-Humied, deputy governor and chief of MENA Investments at PIF, stated that "This marks a key achievement toward PIF’s commitment to develop 70 percent of Saudi Arabia’s renewable energy by 2030.
He continued: “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.”
MENAFN01122022000045014228ID1105252959
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