PIF subsidiary Badeel and ACWA Power to develop the MENA region’s largest solar energy plant in Saudi Arabia

PIF subsidiary Badeel and ACWA Power to develop the MENA region’s largest solar energy plant in Saudi Arabia

- A joint company was established under the name of “Shuaibah Two Electrical Energy Company” to develop the project

- The project is expected to be completed by Q4 2025

- The project marks an important milestone for NREP that was initiated by MoE and aims to develop 70% of the nation's renewable energy through PIF by 2030

Riyadh, KSA: The Water and Electricity Holding Company (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