NDF, banks finance Shuaibah photovoltaic energy project at SAR 6.1 bln
- Date: 20-Aug-2023
- Source: Argaam
- Sector:Financial Services
- Country:Saudi Arabia
NDF, banks finance Shuaibah photovoltaic energy project at SAR 6.1 bln
The National Development Fund (NDF) — on behalf of the National Infrastructure Fund (under construction) — along with local and international banks is financing one of the world’s largest renewable energy (photovoltaic) projects, at SAR 6.1 billion. The project is located at Shuaibah in Makkah.
The National Infrastructure Fund’s contribution in the projects stood at SAR 1.7 billion, Saudi Press Agency reported.
Shuaibah Project (I and II) is a joint venture of Saudi Aramco, Badeel Co. and ACWA Power Co., to establish the largest solar photovoltaic power plant in the Kingdom, with a total value of about SAR 8.3 billion.
The commercial partnership activities are scheduled to start in 2025. The facility will generate more than 2.6 gigawatts of clean energy, capable of supplying about 450,000 households with electricity
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