Saudi Aramco is making its first foray into commercial renewable energy, taking a 30% stake in the planned 1.5GW Sudair solar PV project. The $907mn plant is being developed by the Sudair One Renewable Energy Company special purpose vehicle, in which Aramco joins private Saudi firm Acwa Power (35%) and the PIF Sovereign Wealth Fund’s Badeel subsidiary (35%). The move was announced on 15 August.
The state-led energy giant already has some renewable energy facilities for its own operations, but this is the first utility-scale facility it will be involved with. Upon completion, Sudair will be the largest solar energy plant in Saudi Arabia, and it is scheduled to begin producing through a first phase in the second half of 2022. Aramco will be represented by its fully-owned Sapco subsidiary. (CONTINUED - 873 WORDS)