Aramco invests in giant Saudi Arabia solar project
Aramco’s 30% investment in the Sudair Solar PV project reflects the company’s efforts to advancing sustainable energy solutions within its operations.
With an investment value of SR3.4 billion, the 1,500 megawatt Sudair Solar PV project is part of the Kingdom’s commitment to deploy a variety of low carbon energy solutions in Saudi Arabia.
Aramco’s stake, held by the Saudi Aramco Power Company, is invested alongside ACWA Power and the Water & Electricity Holding Company (Badeel), who each hold 35%.
Badeel is a company fully owned by Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF).
The Sudair project is located at Sudair Industrial City, a planned city near Riyadh, and represents the first project under the PIF’s renewable energy program.
World’s largest oil exporter expanding renewables
In March this year, HRH Prince Mohammed bin Salman Al-Saud reaffirmed a five-year-old commitment to power half the Kingdom with renewable energy sources by 2030.
At the launch of the Green Saudi and Green Middle East initiatives, HRH the Crown Prince noted that, as a leading global oil producer, the Kingdom fully recognizes its share of responsibility in advancing the fight against the climate crisis.
“Just as the Kingdom underpinned energy markets during the oil and gas era, it is going to become a global leader in forging a greener world,” he said.
Advancing sustainable energy solutions
Using bifacial modules with tracking technology, the plant is set to deliver a highly efficient performance and be capable of powering 185,000 homes daily.
Senior vice president of Downstream, Mohammed Y. Al Qahtani, said Aramco’s involvement in the Sudair project reflected the company’s efforts to advance sustainable energy solutions, both within its own operations and the broader energy network.
“While hydrocarbons will continue to be a vital part of the energy mix for decades to come, renewables like solar have an important role to play in helping achieve the world’s climate goals,” said Al Qahtani.
“Sudair will support Saudi Arabia’s ambition to generate part of the nation’s power needs from renewable energy by 2030, and is one of several low carbon energy options being deployed by Aramco,” he noted.