Aramco joins group building giant solar plant

Aramco will hold a 30% stake in the Sudair solar project, while ACWA and partner Water & Electricity Holding Co will each own 35%. ACWA, itself 50% owned by the Saudi sovereign wealth fund, said it had reached financial close with lenders on the 1,500 megawatt project

RIYADH: Saudi Aramco is joining a group led by ACWA Power to build a nearly US$1bil (RM4.24bil) solar power plant in the kingdom as the world’s largest oil-exporting nation expands renewable energy supply.

Aramco will hold a 30% stake in the Sudair solar project, while ACWA and partner Water & Electricity Holding Co will each own 35%. ACWA, itself 50% owned by the Saudi sovereign wealth fund, said it had reached financial close with lenders on the 1,500 megawatt project.