Riyadh, November 30 (QNA) – Saudi Arabia’s Water and Electricity Holding Company (Badeel), a wholly owned company by the Public Investment Fund (PIF), and ACWA Power, a leading Saudi developer, investor, and operator of power generation, water desalination and green hydrogen plants worldwide, signed Wednesday a power purchase agreement to develop a 2,060 MW solar photovoltaic (PV) plant in Al Shuaibah, Makkah province. This is the largest facility of its kind in the Middle East to date. The project is expected to achieve commercial operation by Q4 2025.
The project will be jointly owned by Badeel and ACWA Power. Each company will hold a 50% equity stake through the establishment of ” Shuaibah Two Electrical Energy Company”, a joint company dedicated to the development of the project, according to Saudi Press Agency (SPA).
In the same context, the Shuaibah Two Electrical Energy Company announced the signing of the power purchase agreement for the project with the Saudi Power Procurement Company (SPPC), the off taker within this project that is a concrete representation of the energy transition in play a giga scale development in sustainable energy that will play a key role in translating Saudi Vision 2030 goals.
Badeel and ACWA Power will build, own, and operate Al Shuaibah 2 facility and the electricity produced will be sold to SPPC. When complete, it will power 350,000 homes.
Shuaibah 2 is ACWA Power’s sixth solar energy facility in Saudi Arabia. In addition, the ACWA Power’s KSA portfolio comprises 13 power, water desalination and green hydrogen plants. (QNA)
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