Saudi Aramco is investing, alongside the country’s sovereign wealth fund and Riyadh-based ACWA Power, in the oil exporter’s largest solar project with a capacity of 1.5 GW as the world’s biggest energy company makes a push into renewables.
The Saudi Aramco Power Co., a unit of the parent company, has joined ACWA Power and the Water & Electricity Holding Co., or Badeel, owned by the Public Investment Fund, by acquiring a 30% stake in the special purpose vehicle Sudair One Renewable Energy Co., ACWA Power said in an Aug. 15 statement. ACWA Power and PIF will each hold a 35% stake. ACWA Power is 50% owned by PIF.
The $907 million Sudair solar PV plant is the first project under PIF’s renewable energy program that aims to support Saudi Arabia’s energy transition and contribute 70% of the country’s renewable energy under the National Renewable Energy Program, ACWA added. This is Aramco’s first investment in the program.