Public Investment Fund (PIF) reaches major milestone in landmark Solar PV project

Public Investment Fund (PIF) reaches major milestone in landmark Solar PV project

The Public Investment Fund ("PIF“ or "Fund“) announced today a major milestone in its renewable energy program with the launch of the Sudair Solar PV plant in Sudair Industrial City, with a PIF-backed consortium signing a power purchase agreement with the Saudi Power Procurement Company for 25 years, which represents an important step within the renewable energy program that is being implemented under the umbrella of the National Renewable Energy Program. The announcement came during the inauguration ceremony of the Sakaka solar PV plant under the patronage of HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister, Chairman of the Supreme Committee for Energy Mix Affairs for Electricity Production and Enabling Renewable Energy Sector. The ceremony was attended by HRH Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, Minister of Energy, and HRH Prince Faisal bin Nawwaf bin Abdulaziz Al Saud, Governor of Al-Jouf Region. The project's initial commissioning is expected during the second half of 2022. It is set to become one of the largest single-contracted Solar PV plants in the world and the largest of its kind in Saudi Arabia at an installed capacity of ~1,500MW. With an investment value of approximately SAR 3.4 billion, Sudair