‎ACWA Power signs power purchase agreement worth $1.75 bln for Al Shuaibah PV solar plant

‎ACWA Power signs power purchase agreement worth $1.75 bln for Al Shuaibah PV solar plant

The Water and Electricity Holding Co. (Badeel), a wholly owned company by the Public Investment Fund (PIF), and ACWA Power, a leading Saudi developer, investor, and operator of power generation, water desalination and green hydrogen plants worldwide, today signed power purchase agreements to develop a 2,060 MW solar photovoltaic (PV) plant in Al Shuaibah, Makkah province (the project). This is the largest facility of its kind in the Middle East to date. The project is expected to achieve commercial operation by Q4 2025.

The project will be jointly owned by Badeel and ACWA Power. Each company will hold a 50% equity stake through the establishment of " Shuaibah Two Electrical Energy Company", a joint company dedicated to the development of the project.

In the same context, the Shuaibah Two Electrical Energy Company announced the signing of the power purchase agreement for the project with the Saudi Power Procurement Company (SPPC), the offtaker within this project that is a concrete representation of the energy transition in play—a giga scale development in sustainable energy that will play a key role in translating Saudi Vision 2030 goals.

Yazeed A. Al-Humied, Deputy Governor and Head of MENA Investments at PIF, said,” This marks a key achievement toward