Saudi Venture Receives Financing for World-Scale Solar Plant


Aramco Part of 2.6-GW Al Shuaibah Project Slated for Start-up in 2025



A consortium formed by Saudi firms SAPCO, ACWA Power and the Badeel water and electricity utility have received first financing for the 2.6-GW Al Shuaibah 1 and 2 solar PV projects in eastern Makkah province.

Financing came from Saudi’s National Development Fund and a consortium of local, regional and international banks. Some US$2.37 billion is being invested in both plants, with commercial operations slated to begin in 2025.

SAPCO is a subsidiary of Saudi state energy giant Aramco, while Badeel is owned by Saudi’s public investment fund, the PIF. The Saudi Power Procurement Company, or SPPC, is the procurer and the off taker for the Al Shuaibah projects.

“Our participation in the Al Shuaibah PV 1 and Al Shuaibah PV 2 projects aligns with our efforts to reduce Aramco’s carbon footprint and create a more sustainable future,” said Mohammed Al Qahtani, president of downstream at Aramco.

“While oil and gas will play a major role to meet the energy demand of today and tomorrow, renewables will increasingly play a part in the energy transition to address the climate change challenges. The projects mark a significant milestone to support Aramco in achieving its decarbonization targets.”

The energy ministry’s National Renewable Energy Program, or NREP, is aiming to generate 50 percent of electricity from renewable sources by 2030.


Aramco is a member of the Breakbulk Global Shipper Network, an extensive networking platform for executives operating at the top end of the project supply chain in sectors such as oil and gas, energy and renewables, mining and minerals, construction, forestry, industrial manufacturing and aerospace.

The next in-person meet-up for BGSN members will be at Breakbulk Americas 2023, taking place on 26-28 September at the George R. Brown Convention Center in Houston, Texas.

PHOTO CREDIT: ACWA Power

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