24-Mar-2019
Press Release
The Saudi Ministry of Energy has signed a memorandum of understanding (MOU) with Makkah Region Development Authority (MRDA) to undertake Al-Faisaliah Solar power plant.
The expected capacity of Power Plant is 2.6 Gigawatts (GW).
Saudi Arabia’s Renewable Energy Project Development Office (REPDO) will prepare the project’s technical studies in line with the international standards.
REPDO will lead the development of 600 MW of the total capacity.
The sovereign wealth fund, the Public Investment Fund (PIF), to oversee the development of the remaining 2 GW of the project’s capacity.
The project will fulfil the increasing demand for electricity and renewable energy.
Earlier, in January 2019, Saudi Arabia revised its renewable energy targets . The new targets are 27.3 GW of renewable energy by 2024 and 58.7 GW by 2030.
