Saudi Aramco is joining a group led by ACWA Power to build a nearly $1 billion 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.
