Brazilian exports to Saudi Arabia hit $1.87bn, the highest among Arab countries

Brazilian exports to Saudi Arabia hit $1.87bn, the highest among Arab countries

ACWA Power-led consortium attains financial closure for Al-Shuaibah solar projects 

RIYADH: In a major boost to Saudi Arabia’s sustainability efforts, an ACWA Power-led consortium has secured financial closure for the Al-Shuaibah solar projects, with an investment of $2.37 billion, the company said in a press statement. 

Touted to be the world’s largest solar project with a capacity of 2,061 megawatts, Al-Shuaibah 1 and Al-Shuaibah 2 projects, located in Jeddah are expected to be operational by 2025, it added. 

Once completed, the solar project is expected to provide power to approximately 450,000 households, as stated in the press release.

ACWA Power CEO Marco Arcelli, said: “Securing financing for this groundbreaking project marks a significant step toward achieving Saudi Arabia’s clean energy goals, in alignment with the National Renewable Energy Program, which aims to generate 50 percent of electricity from renewable sources by 2030.” 

The consortium, in addition to ACWA Power, includes Saudi Arabia’s Public Investment Fund unit Badeel and the Saudi Arabian Oil Co., also known as Saudi Aramco. 

“We are truly proud of this milestone and look forward to working closely with our key partners PIF, Aramco, and other contributors to successfully realize a sustainable future,” added Arcelli. 

In the press release, the company stated that the senior debt financing for this plant,