NDF to participate in financing world’s largest solar energy project in Saudi Arabia’s Shuaibah

Saudi Gazette report

RIYADH — The National Development Fund (NDF) has announced its participation in financing the biggest renewable energy project in the world at Al Shuaibah in Saudi Arabia.

This comes within NDF’s role to empower the promising sectors and industries in Saudi Arabia, and enhance their capabilities in a way that ensures achieving the objectives of the Kingdom’s Vision 2030, and contributes to building a sustainable and prosperous future for the most important and innovative economy in the region.

Several agencies, including the National Infrastructure Fund (NIF), local and international banks, participated with NDF in financing the project with a total loan value of SR6.1 billion. The NIF’s contribution is valued at SR1.7 billion.

One of the goals of the National Infrastructure Fund is to contribute to accelerating the implementation of strategic infrastructure projects in Saudi Arabia that have long-term developmental impact.

It also enhances its partnerships with local and international banks to diversify financing sources for infrastructure projects in vital sectors.

This financing also confirms the continuing commitment of the NIF to support the Saudi Green Initiative and renewable and clean energy projects. It also contributes to achieving the Kingdom’s Vision 2030’s goals in diversifying the energy mix, in addition to attracting local and international investors.

Financing the first and the second of Al Shuaibah projects is the first financing by the National Infrastructure Fund for a project in which Saudi Aramco participates.

NIF is also proud of its first support for one of the investment projects announced by “Badeel”, a company wholly owned by the Public Investment Fund (PIF).

The Al Shuaibah project is a partnership between Saudi Aramco, Badeel, and ACWA Power, a leading company in the field of renewable energy and water desalination, to establish the largest solar photovoltaic power plant in the Kingdom, with a total value of about SR8.3 billion.

The plant is scheduled to start its commercial activities in 2025, as it will generate a total capacity of more than 2.6 gigawatts of clean energy, capable of supplying about 450,000 households with electricity.