PIF-owned Badeel & ACWA Power to develop mega solar power project in Saudi

PIF-owned Badeel & ACWA Power to develop mega solar power project in Saudi

Saudi PIF-owned Water and Electricity Holding Company (Badeel) has signed a power purchase agreement with the region’s leading power plant developer, ACWA Power to develop a 2,060 MW solar photovoltaic (PV) plant in Al Shuaibah.

This is the largest facility of its kind in the Middle East to date. The project is expected to achieve commercial operation by the fourth quarter of 2025. The project will be jointly owned by Badeel and ACWA Power.

According to the statement, each company will hold a 50 percent equity stake through the establishment of ” Shuaibah Two Electrical Energy Company”, a joint company dedicated to the development of the project.

Mohammad Abunayyan

Chairman

ACWA Power “Under the guidance of our visionary leadership and the Ministry of Energy, Saudi Arabia continues to accelerate its ambitious plans for diversifying its energy mix to include renewable energy. It is a great honor to partner with Badeel and SPPC in developing this milestone project which will set a benchmark for sustainable energy development in the region. Solar power is a key component in unlocking positive economic, environmental, and social outcomes for the betterment of communities across our great nation. We remain committed to developing local capabilities in technology, supply chain, and talent