Badeel, ACWA Power to develop 2-GW solar park in Saudi Arabia
Image by ACWA Power (www.acwapower.com)
Saudi Arabia's Water and Electricity Holding Company, also known as Badeel, and ACWA Power (TADAWUL:2082) will co-develop a 2,060-MW solar photovoltaic (PV) plant in Al Shuaibah, Makkah province, they announced on Wednesday.
The two companies said they have established a 50/50 joint venture called Shuaibah Two Electrical Energy Company to build, co-own and operate the solar plant, which, ACWA Power claims, is the largest facility of its kind in the Middle East to date. The JV has signed a power purchase agreement (PPA) in relation to the project with the Saudi Power Procurement Company (SPPC).
The solar complex is expected to become operational by the final quarter of 2025, at which point it will be able to supply 350,000 homes.
Badeel is wholly owned by the Public Investment Fund (PIF), which has committed to develop 70% of Saudi Arabia’s renewable energy by 2030. The firm is also partnering with ACWA Power to develop the 1,500-MW Sudair Solar PV project.