ACWA Power led consortium has achieved financial closure of an undisclosed amount for 1.5 GW Sudair Solar Plant in Saudi Arabia. It is the 1st project under Public Investment Fund's (PIF) renewable energy program under which Saudi Arabia aims to have 70% of the total electricity mix comprise of renewables.
Lending agencies comprise Mizuho Bank, Ltd., Riyad Bank, Korea Development Bank, Arab Petroleum Investments Corporation (APICORP), Al Rajhi Banking & Investment Corporation, and Standard Chartered Bank.
The project is to be equipped with bifacial solar PV panels with tracking technology and an automated robotic cleaning solution. Being set up through special project company Sudair One Renewable Energy Company in Sudair Industrial City, the project is to cost an estimated SAR 3.4 billion. India headquartered multinational company Larsen & Toubro is the EPC contractor of the plant (see Indian EPC Company To Build 1.8 GW Solar In Saudi Arabia).
On construction completion, it is expected to start generating electricity during H2/2022. The Sudair Solar Project is contracted under a 25-year power purchase agreement (PPA) with Saudi Power Procurement Company (SPPC) for what ACWA Power calls as one among the lowest tariffs for solar PV projects globally (see World Record Low Solar Bid Of $0.0104/kWh In Saudi Arabia).
ACWA Power also announced the addition of an Aramco company Saudi Arabia Power Company (SAPCO) as a member of the project consortium. Another member of the consortium is Water and Electricity Holding Company (Badeel) which is owned by the PIF.