Two major solar photovoltaic power projects in Saudi Arabia have achieved financial close with a total investment of $2.37 billion. The projects are being developed by energy company Acwa Power, the Water and Electricity Holding Company, or Badeel – which is owned by the Public Investment Fund – and the Saudi Aramco Power Company. The Al Shuaibah PV 1 and Al Shuaibah PV 2 plants in Makkah province will have a capacity of 600 megawatts and 2.031 gigawatts respectively, and are capable of powering about 450,000 households, the Saudi Press Agency reported on Sunday. The kingdom’s NREP is led and supervised by the Ministry of Energy, and the PIF aims to develop 70 percent of the program’s target capacity by 2030.
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