International Finance
Energy Featured

ACWA Power announces financial close for one of the largest solar plants in the world

Sudair Solar plant_IFM_Image
The 500-megawatt Sudair Solar plant is located in the Sudair Industrial City

Saudi Arabia’s ACWA Power announced the financial close for the 1,500 MW Sudair Solar plant, which is one of the largest single-contracted solar PV plants in the world and the largest of its kind in Saudi Arabia, media reports said.

The project is being developed under the Public Investment Fund (PIF) renewable energy programme and is expected to cost around $906.5 million.

The project is in line with the Kingdom’s aims for an energy transition and diversification. The Kingdom plans to generate around 70 percent of the country’s renewable energy under the National Renewable Energy Programme (NREP).
ACWA Power revealed that the first phase of the project is expected to begin producing electricity during the second half of 2022. It is located in the industrial city of Sudair.

It was also reported that Saudi Aramco Power (SAPCO), a fully owned subsidiary of Aramco, has joined the consortium to develop Sudair Solar plant.

ACWA Power is also reportedly preparing for its initial public offering (IPO). Last month, it was reported that ACWA Power was planning to invest $16 billion in new projects this year.

Rajit Nanda, ACWA’s chief portfolio management and interim chief investment officer told the media, “The only challenge that we had on the new growth business is that some of the transactions where we were successful have taken anywhere between three to six months more in coming to what I would call the end of the development phase, which is the financial close and start of the construction.”

What's New

IF Insights: Is cryptocurrency market going to witness potential Altcoin season?

IFM Correspondent

Saudi carrier Flyadeal accelerates fleet plans, to add wide-body jets now

IFM Correspondent

Start-up of the Week: Meet Illio, the comprehensive investment intelligence platform

IFM Correspondent

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.