Saudi Arabia has stepped up its efforts in building the world’s largest solar project with the ACWA Power-led consortium finalizing the financing for Al-Shuaibah 1 and Al-Shuaibah 2 at a total investment of $2.2 billion through a mix of long-term debt and equity. In November, ACWA Power signed power purchase agreements with the Water and Electricity Holding Co., also known as Badeel, to develop the solar plant with a capacity to power 350,000 homes. The 2,060 megawatts solar photovoltaic plant is expected to begin commercial operations by the fourth quarter of 2025.  The project is part of Saudi Arabia’s energy transition strategy, demonstrating how giga-scale development in sustainable energy will be significant in implementing Vision 2030 goals.    The PIF aims to develop 70 percent of the Kingdom’s renewable energy capacity by 2030.  Saudi Arabia will exploit current oil windfalls to accelerate its clean energy transition in 2023‑27 as the government aims to invest a total of $101.3 billion in a bid to raise renewable energy to 50 percent of power‑generating capacity (about 58.7 GW) by 2030. (ICE RIYADH)

Fonte notizia: Arab News