Major milestone for PIF

13 April 2021

On 8 April, Sudair Solar PV, Saudi Arabia’s first utility scale renewable energy project, was officially inaugurated. At 1500 MW it will be one of the world’s largest PV arrays by capacity and is considered a key component in achieving the Public Investment Fund’s commitment to develop 70% of Saudi Arabia’s renewable energy by 2030. PIF is the sovereign wealth fund of Saudi Arabia, and has total estimated assets of around $350 billion.

With an investment value of approximately SAR 3.4 billion, Sudair Solar will be capable of powering 185 000 homes and offsetting nearly 2.9 million tons of emissions per year.

ACWA Power – in which PIF holds a 50% stake – is leading the consortium to develop the project alongside PIF portfolio company Water and Electricity Holding Company Badeel.

Sudair Solar PV plant is located in Sudair Industrial City. A PIF-backed consortium has signed a power purchase agreement with the Saudi Power Procurement Company for 25 years, which represents an important step within the renewable energy programme that is being implemented under the umbrella of the National Renewable Energy Programme.

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