ACWA Power has completed the financial settlement of the 1.5GW Sudair Solar photovoltaic (PV) plant located in Sudair Industrial City, Saudi Arabia.

The financing sponsor group includes Mizuho Bank, Riyadh Bank, Korea Development Bank, Arab Petroleum Investment Corporation (APICORP), Al Rajhi Banking & Investment and Standard Chartered Bank. Sudair Solar is the first project under the Public Investment Fund (PIF) Renewable Energy Program, which supports the country's ongoing energy transition and diversification. In addition, the plan aims to provide 70% of renewable energy in Saudi Arabia under the National Renewable Energy Program (NREP).

Signed a 25-year power purchase agreement for Sudair solar power plant with Saudi Electricity Procurement Company.

ACWA Power Chairman Mohammad Abunayyan said: “After signing the agreement for the first project under the PIF Renewable Energy Program, I would like to express my sincere gratitude and pride. Today’s milestone marks the achievement of the 2030 Vision and the National Renewable Energy Program. Progress has been made in terms of requirements."

The project was unveiled at the inauguration ceremony of the Sakaka photovoltaic project in April 2021. A special team from the Saudi Ministry of Energy selected the Sudair project site and conducted engineering requirements and preliminary research on the project. The Sudair Solar project involves an investment of 3.4 billion Saudi Riyals (906 million U.S. dollars) and is expected to become the largest single contracted solar photovoltaic power station in Saudi Arabia.

Keywords: solar energy, international engineering news, foreign engineering project information

The project will use double-sided modules with tracking technology to provide high performance and power to 185,000 homes. It is expected to offset nearly 2.9 million tons of emissions each year. In April 2021, ACWA Power officially launched the 300MW Sakaka PV IPP power station solar project in Saudi Arabia. With a total investment of 1.2 billion Saudi Riyals (320 million U.S. dollars), the Sakaka photovoltaic power plant is the country's first utility-scale renewable energy project.Editor/Baohongying