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Saudi Aramco Buys Canadian Solar Panels for Power Plant

Saudi Arabian Oil Co., the world’s largest crude exporter, agreed to buy 1.78 megawatts of photovoltaic panels from Canadian Solar Inc. (CSIQ) to expand the country’s biggest solar project.

The state-owned oil producer will add the panels to the solar system it began operating in December at the King Abdullah Petroleum Studies and Research Center, according to a statement today from Guelph, Ontario-based Canadian Solar.

The project in Riyadh, Saudi Arabia, will help the country meet a goal of installing 16 gigawatts of photovoltaic panels, Shawn Qu, Canadian Solar’s chairman and chief executive officer, said in the statement.

Saudi Aramco initially used 3.5-megawatts of panels from Suntech Power Holdings Co. for the project, and the expansion will make it the country’s largest ground mounted solar farm, according to the statement.

To contact the reporter on this story: Ehren Goossens in New York at egoossens1@bloomberg.net

To contact the editor responsible for this story: Will Wade at wwade4@bloomberg.net

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