Saudi Aramco joins PIF’s $906mln renewable energy project

Saudi Aramco joins PIF’s $906mln renewable energy project

Saudi Arabia’s utility developer ACWA Power said (SAPCO), a fully owned subsidiary of , has joined the consortium to develop Sudair Solar plant, a key project under the kingdom’s sovereign wealth fund ’s (PIF) renewable energy program. ACWA Power, which builds power and desalinated water plants, also announced the financial close for the 3.4 billion riyals ($906 million) solar plant. SAPCO joins the consortium alongside ACWA Power and Badeel and will hold a 30 percent stake in the special purpose vehicle, Sudair One Renewable Energy Company, which was incorporated for the project. ACWA Power and Badeel will each own 35 percent, the utility company said in a statement on Sunday. ACWA Power is 50 percent owned by PIF while Badeel is fully owned by PIF. According to the data from Refinitiv’s Infrastructure 360, the total project finance stands at $616.60 million. This is Aramco’s first participation with PIF in its renewable energy program; “reflecting the company’s efforts to advancing sustainable energy solutions within its operations and Saudi Arabia, where a variety of low-carbon energy solutions are being deployed,” the statement said. The 1500-megawatt (MW) Sudair Solar PV project is the first project under PIF’s renewable energy program, which aims to