RIYADH, August 18, 2021 – Saudi Aramco Power Company (SAPCO) has joined the consortium building the USD 900-million Sudair solar plant, consortium leader ACWA Power said on Sunday.
ACWA Power and Water and Electricity Holding Company Badeel each have a 35% stake in the project, while SAPCO now holds 30%. Water and Electricity Holding Company Badeel’s parent company Public Investment Fund has a 50% stake in ACWA Power.
The Sudair solar plant will sell its output under a 25-year offtake contract with Saudi Power Procurement Company.
ACWA Power announced the financial close of the project along with SAPCO’s involvement.
The project is part of Saudi Arabia’s National Renewable Energy Program, which aims to derive 30% of the country’s energy capacity from renewables.
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