Close

Aramco Joins Group Building Giant Solar Plant in Saudi Arabia

Note* - All images used are for editorial and illustrative purposes only and may not originate from the original news provider or associated company.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from any location or device.

Media Packs

Expand Your Reach With Our Customized Solutions Empowering Your Campaigns To Maximize Your Reach & Drive Real Results!

– Access the Media Pack Now

– Book a Conference Call

Leave Message for Us to Get Back

Related stories

Egypt Enters $340 Million Oil and Gas Exploration Deals

Egypt entered into four new oil and gas exploration...

TVA and ENTRA1 Collab for Largest SMR Deployment in USA

The Tennessee Valley Authority (TVA) and ENTRA1 Energy (ENTRA1)...

Westinghouse Signs MoUs to Advance UK Nuclear Energy Sector

US-based Westinghouse Electric Company has formalised a series of...

Enbridge Announces Two Gas Transmission Projects in the US

Enbridge Inc. announced that it has reached a final...

Saudi Aramco is joining a group led by ACWA Power to build a nearly $1 billion solar power plant in the kingdom as the world’s largest oil-exporting nation expands renewable energy supply.

Aramco will hold a 30% stake in the Sudair solar project, while ACWA and partner Water & Electricity Holding Co. will each own 35%. ACWA, itself 50% owned by the Saudi sovereign wealth fund, said it had reached financial close with lenders on the 1,500 megawatt project.

Saudi Arabia has been slow to move away from fossil fuels in favor of clean energy. Energy Minister Prince Abdulaziz bin Salman announced the Sudair plant in April, saying it be the country’s largest when it starts operating. The plant will start producing power in second half of 2022.

Saudi Aramco is looking to spend on renewable energy projects alongside the sovereign investor, the Public Investment Fund, as global economies seek to transition to greener energy. Aramco Chief Executive Officer Amin Nasser said last week the company is studying hydrogen production and export even as it invests to expand oil output capacity and sales.

The banks financing the project include Mizuho Financial Group, Riyad Bank, Korea Development Bank, Arab Petroleum Investments Corp., Al Rajhi Bank, and Standard Chartered Plc as senior lenders and mandated lead arrangers. Bank Al Bilad, Saudi British Bank and SMBC International Plc will provide equity bridge facilities.

 

Latest stories

Related stories

Egypt Enters $340 Million Oil and Gas Exploration Deals

Egypt entered into four new oil and gas exploration...

TVA and ENTRA1 Collab for Largest SMR Deployment in USA

The Tennessee Valley Authority (TVA) and ENTRA1 Energy (ENTRA1)...

Westinghouse Signs MoUs to Advance UK Nuclear Energy Sector

US-based Westinghouse Electric Company has formalised a series of...

Enbridge Announces Two Gas Transmission Projects in the US

Enbridge Inc. announced that it has reached a final...

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from any location or device.

Media Packs

Expand Your Reach With Our Customized Solutions Empowering Your Campaigns To Maximize Your Reach & Drive Real Results!

– Access the Media Pack Now

– Book a Conference Call

Leave Message for Us to Get Back