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Aramco Joins Group Building Giant Solar Plant in Saudi Arabia

  • Aramco takes 30% stake in $906 million Sudair solar project
  • Plant set to start producing power in the second half of 2022

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.