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Saudi national development fund to finance kingdom's largest solar project

21 Aug 2023 09:57am
The project is expected to be operational in 2025. - AFP photo
The project is expected to be operational in 2025. - AFP photo
RIYADH - The Saudi National Development Fund announced on Sunday that it will contribute 1.7 billion Saudi riyals (about US$427 million) to finance the largest solar project in the kingdom.

With a total investment of 8.3 billion riyals, the 2.6-gigawatt Al Shuaibah solar project is being developed by a joint venture comprising the state oil giant Aramco, Water and Electricity Holding Company (Badeel), and ACWA Power, a leading Saudi developer, investor, and operator of power generation, the fund said in a statement, reported Xinhua.

The project is expected to be operational in 2025. Once completed, it is estimated to provide green electricity to more than 450,000 households. -Bernama/Xinhua

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