The Public Investment Fund (PIF) has launched the Sudair Solar PV plant in Sudair Industrial City in Saudi Arabia.
The project's initial commissioning is expected during the second half of 2022 and is set to become one of the largest single-contracted solar PV plants in the world and the largest of its kind in Saudi Arabia, at an installed capacity of 1,500 megawatts.
With an investment value of approximately SAR 3.4 billion ($906 million), Sudair PV IPP will be capable of powering 185,000 homes and offsetting nearly 2.9 million tons of emissions per year. The project has also recorded the second-lowest cost globally for solar PV electricity production, $1.239 per kilowatt hour.
The PIF-backed consortium is led by ACWA Power, in which PIF holds a 50 percent stake. A PIF-backed consortium has already signed a power purchase agreement with the Saudi Power Procurement Company for 25 years.
The renewable energy project is a key part of PIF's commitment to dev