Saudi Arabia’s Public Investment Fund (PIF) announced on Wednesday the launch of the largest solar power plant in the Middle East and North Africa at Al-Shuaibah in Makkah region as part of its renewable energy program.
The project, with an investment value of $1.75 billion, is expected to start commercial operation by the fourth quarter of 2025.
The project will be jointly owned by Badeel and ACWA Power, a leading investor and operator of power generation, water desalination and green hydrogen plants worldwide.
Each company will hold a 50% equity stake through Shuaibah Two Electrical Energy Company, a joint venture dedicated to develop the project.
The solar power plant is a concrete representation of the energy transition in play a giga scale development in sustainable energy that will play a key role in translating Saudi Vision 2030 goals.
Badeel and ACWA Power will build, own, and operate Al Shuaibah Two facility and the electricity produced will be sold to SPPC. When completed, the project will power 350,000 homes.
Shuaibah Two is ACWA Power’s sixth solar energy project in Saudi Arabia. In addition, ACWA Power’s KSA portfolio comprises 13 power, water desalination and green hydrogen plants.