Aramco Company Joins $900MM+ Solar Project

Aramco Company Joins $900MM+ Solar Project

ACWA Power has revealed that Saudi Aramco Power Company (SAPCO), a fully owned company of Saudi Aramco, has joined the Sudair Solar plant consortium.

ACWA Power and Badeel will each own a 35 percent stake in the Sudair One Renewable Energy Company, which was incorporated for the project, with SAPCO holding the remaining 30 percent stake. ACWA Power announced the financial close for the 1500 megawatt Sudair Solar plant on Sunday.

Sudair Solar PV is described as a key project under the Public Investment Fund (PIF) renewable energy program. With an investment value of $906.5 million (SAR 3.4 billion), Sudair Solar PV is set to become one of the largest single-contracted Solar PV plants in the world and the largest of its kind in Saudi Arabia, ACWA Power highlighted.

“Our involvement in the Sudair Solar PV plant reflects our efforts to advancing sustainable energy solutions, both within our own operations and the broader energy network,” Mohammed Al Qahtani, the senior vice president of downstream at Aramco, said in a company statement.

“While hydrocarbons will continue to be a vital part of the energy mix for decades to come, renewables like solar have an important role to play in helping achieve the world’s climate goals. Sudair will support Saudi Arabia’s ambition to generate part of the nation’s power needs from renewable energy by 2030 and is one of several low-carbon energy options being deployed by Aramco,” he added.

The launch of the Sudair Solar project was announced at the inauguration of the Sakaka PV project in April 2021. The project’s initial commissioning is expected during the second half of 2022, according to ACWA Power’s website.

ACWA Power describes itself as a developer, investor and operator of power generation and desalinated water plants. The company has 64 assets in operation, construction or advanced development across 13 countries, according to its website. SAPCO, which was established in 2016, oversees all activities in the power and utilities sector of Saudi Aramco’s operations.

Aramco support the Paris Agreement’s goal to hold the global average temperature increase to below 2°C. The company notes on its website that reducing emissions to address climate change, while meeting the world’s energy needs, remains the biggest single challenge of this century.

.  

Published: 18-08-2021