SUBSCRIBE
PROFILE

Saudi Arabia moves ahead with its largest solar power project

Saudi Arabia's major renewable energy project, the 2.6 GW Al Shuaibah solar power plant, is moving ahead successfully thanks to financing of 8.3 billion Riyals ($2.2 billion), including 1.7 billion Riyals from the National Infrastructure Fund. This project, sponsored by Aramco, is the result of a collaboration between Saudi Aramco, Badeel and ACWA Power.

Share:

Gain full professional access to energynews.pro from 4.90$/month.
Designed for decision-makers, with no long-term commitment.

Over 30,000 articles published since 2021.
150 new market analyses every week to decode global energy trends.

Monthly Digital PRO PASS

Immediate Access
4.90$/month*

No commitment – cancel anytime, activation in 2 minutes.

START NOW — 4.90$/month

*Special launch offer: 1st month at the indicated price, then 14.90 $/month, no long-term commitment.

Annual Digital PRO Pass

Full Annual Access
99$/year*

To access all of energynews.pro without any limits

SUBSCRIBE — 99$/year

*Introductory annual price for year one, automatically renewed at 149.00 $/year from the second year.

Sign up for free to unlock this article

Saudi Arabia’s largest renewable energy project, the 2.6 GW Al Shuaibah solar power plant, is moving ahead after completing financing led by the National Development Fund on August 20.

New Major Financing for Renewable Energy in Saudi Arabia

The financing of 8.3 billion Riyals ($2.2 billion) included 1.7 billion Riyals from the National Infrastructure Fund. His first financing of an Aramco-sponsored project.

The project is being developed by a joint venture between Saudi Aramco, the Badeel Water and Power Company and ACWA Power. It is scheduled to begin commercial operations in 2025, according to the press release. Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, owns Badeel and 44% of ACWA Power.

The country has 13 renewable energy projects under development, with a collective capacity of 11.3 GW. Badeel is developing a total of five projects with a total capacity of 8 GW and an investment of over $6 billion. Saudi Arabia has stepped up its bidding activities. In order to add more renewable energy capacity to its power grid. As part of its ambitions to achieve carbon neutrality by 2060.

Saudi Arabia: Solar Energy Agreements Signed for 4.55 GW of Capacity

In May, Water and Electricity Holding Co (Badeel) and ACWA Power signed power purchase agreements with Saudi Power Procurement Co. for three large-scale solar projects with a combined capacity of 4.55 GW. The Ar Rass 2, Saad 2 and Al Kahfah projects have planned capacities of 2.0 GW, 1.1 GW and 1.4 GW, respectively. And a combined value of 12.2 billion riyals.

Financial close of the projects is scheduled for the third quarter of 2023. Saudi Arabia is unlikely to meet its renewable energy targets for this year. With less than 3 GW of operational projects, said S&P Global Commodity Insights in an August report. The King Salman Renewable Energy Initiative, part of Saudi Arabia’s Vision 2030, sets renewable targets of 27.3 GW (20 GW solar PV and 7 GW wind) by 2023, he noted.

The 2020 target has also been missed, he said. The next target is 58.7 GW (40 GW solar PV, 16 GW wind and 2.7 GW CSP) by 2030.

  • Popular on energynews.pro
Petrobras takes 27.5% stake in Block 4 offshore São Tomé with Shell and Galp
Sub-Saharan Africa LNG exports expected to triple by 2034
European Union maintains 2028 deadline to end Russian gas imports
Orazul Energy launches cash tender offer for its 2027 notes
IEA warns of 3.3 million barrel oil surplus in 2026
First half of 2025 dominated by solar despite Washington policy pushback
Solar and storage accounted for 82% of new U.S. power capacity in early 2025, despite federal measures slowing their expansion.
Statkraft France secures new 15.5 MWc solar contract in Marne
Statkraft France won a 15.5 MWc solar project in Mourmelon-le-Grand during the latest national tender round, bringing its total awarded capacity to nearly 70 MWc in less than a year.
Hungary and Poland accelerate solar and battery growth in Central Europe
Solar growth in Central Europe has doubled that of the European Union since 2019, reshaping the energy mix and boosting battery manufacturing in the region.
Cordelio Power commissions 150 MW solar plant in Missouri
Canadian energy producer Cordelio Power has completed commissioning of its Winfield solar project, a 150 MW facility backed by a 15-year contract with Microsoft and a $313mn structured financing deal.
Anza secures over 2 GW of solar modules in 2025 amid new tax constraints
Platform Anza surpassed its 2024 volume in just eight months, responding to developers’ urgency to secure projects ahead of regulatory and fiscal changes expected in 2026.
AGCO signs 10-year deal with BRUC for solar supply in Europe
US-based AGCO has signed a ten-year virtual power purchase agreement with BRUC, covering a 100 MW solar project in Spain, to secure part of its European energy consumption.
Innergex secures 85 MW in France with six agrivoltaic solar projects
Canadian developer Innergex has won all six projects of the Grenier des Essences portfolio for a total of 85 MW, strengthening its position in France’s ground-mounted solar sector.
Canadian Solar launches low-carbon modules reaching 285 kg COâ‚‚eq/kW
Canadian Solar unveils its new low-carbon solar modules integrating heterojunction cells and thinner wafers, achieving up to 24.4% efficiency and a peak power output of 660 Wp.
Elmya and Atlantica partner to develop 4 GW of energy projects in the United States
Elmya Energy and Atlantica Sustainable Infrastructure have created a joint venture targeting 4 GW of renewable energy projects in the United States, focused on the ERCOT and WECC markets.
Louth Callan completes deployment of 28 MW solar park in Maine
Louth Callan has completed the Mousam River solar project in Sanford, marking a key milestone in the deployment of utility-scale energy infrastructure across the United States.
Georgia Power receives approval for 1,068 MW of new solar projects in Georgia
The state regulator has approved five new solar power purchase agreements to support growing demand under the CARES programme, targeting industrial and commercial clients.
Ecoener commissions Guatemala’s largest solar plant with 74.7 MWp
With the commissioning of the El Carrizo plant, Ecoener surpasses 500 MW in installed capacity and becomes the most active Spanish investor in Guatemala’s energy sector.
Aspen Power acquires two community solar projects in New Jersey
Aspen Power has finalised the acquisition of two community solar projects totalling over 1 MWdc in New Jersey, developed by Ecogy Energy, with construction expected to begin shortly.
Tenergie begins construction of 5.14 MWp solar plant in Cabrières d’Avignon
French developer Tenergie has started work on a ground-mounted solar plant at a former quarry, with expected annual output of 7.6 GWh from 2026.
Octopus Energy injects 600 MW into solar and storage in Spain
Octopus Energy strengthens its presence in Spain with three new energy projects totalling 600 MW, powering 2.3 million households and accelerating the expansion of its European renewables portfolio.
VSB Italy launches 6.2 MW solar project on agricultural land in Umbria
VSB Italy has obtained authorisation to build a 6.2 MW agrivoltaic plant in Città della Pieve, combining solar power generation and agricultural cultivation on 10.6 hectares.
Ameren Missouri invests in 250 MW solar plant near Callaway nuclear site
Ameren Missouri announces a 250 MW solar project to power 44,000 homes, reducing delays and costs through strategic development on company-owned land.
France: Verso Energy commissions a 580 kWc agrivoltaic plant in Outarville
Verso Energy has inaugurated an experimental solar power plant in Outarville, testing the integration of photovoltaic panels across three hectares of large-scale crops with a 90% self-consumption rate.
R.Power sells 440MW solar portfolio in Poland amid uncertainties
Independent power producer R.Power is selling a 440MW ready-to-build photovoltaic portfolio in Poland, as political uncertainties drive a wave of divestments in the national renewable energy market.
Grenergy sells 10% of Chilean megaproject to CVC DIF for $475mn
Grenergy has finalised the sale of the fourth phase of its hybrid solar-storage project in Chile to CVC DIF, valued at up to $475mn, while retaining operation and maintenance for five years.

Log in to read this article

You'll also have access to a selection of our best content.