The Public Investment Fund (PIF) has reached a major milestone in its renewable energy program with the launch of the Sudair Solar PV plant in Sudair Industrial City, with a PIF-backed consortium signing a power purchase agreement with the Saudi Power Procurement Company for 25 years. This represents a significant step within the renewable energy program that is being implemented under the umbrella of the National Renewable Energy Program.
An investment value of approximately SAR 3.4 billion
With an investment value of approximately SAR 3.4 billion, Sudair PV IPP will be capable of powering 185,000 homes and offsetting nearly 2.9 million tons of emissions per year. The project has also recorded the second-lowest-cost globally for Solar PV electricity production (1.239 US cents/kWh).
The PIF-backed consortium is led by ACWA Power, in which PIF holds a 50% stake, which has partnered with Badeel, a 100%-owned PIF portfolio company.