#Saudi Aramco joins PIF's $906mln renewable energy project | ZAWYA MENA Edition

Saudi Aramco joins PIF's $906mln renewable energy project | ZAWYA MENA Edition

Saudi Arabia’s utility developer ACWA Power said Saudi Aramco Power Co. (SAPCO), a fully owned subsidiary of Aramco, has joined the consortium to develop Sudair Solar plant, a key project under the kingdom’s sovereign wealth fund Public Investment Fund’s (PIF) renewable energy program.

ACWA Power, which builds power and desalinated water plants, also announced the financial close for the 3.4 billion riyals ($906 million) solar plant.

SAPCO joins the consortium alongside ACWA Power and Badeel and will hold a 30 percent stake in the special purpose vehicle, Sudair One Renewable Energy Company, which was incorporated for the project.

ACWA Power and Badeel will each own 35 percent, the utility company said in a statement on Sunday.

ACWA Power is 50 percent owned by PIF while Badeel is fully owned by PIF.