The Public Investment Fund (PIF), Saudi Arabia announced in a statement regarding the signing a power purchase agreement (PPA) of Sudair Solar PV Plant, with the Saudi Power Procurement Company (SPPC).
The Project location is in Sudair Industrial City, 150km from Riyadh.
The projects investment value is approximately SAR 3.4 billion ($906.6 million).
ACWA Power, in which PIF holds a 50% stake will leads the consortium to develop the project alongside PIF portfolio company Water and Electricity Holding Company “Badeel”
The project has recorded the second lowest cost globally for Solar PV electricity production [USD 1.239 cents/kwh].
It is set to become one of the largest single-contracted Solar PV plants in the world and the largest of its kind in Saudi Arabia at an installed capacity of ~1,500MW.
The project’s initial commissioning is expected during the second half of 2022. The duration of the PPA is for 25 years.
Sudair Solar PV project will be capable of powering 185,000 homes and offsetting nearly 2.9 million tons of emissions per year.
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