CMA plans to list over 24 firms on Saudi stock market in 2023

RIYADH: Saudi Arabia’s renewable vitality sector is ready to obtain a big increase because the Kingdom’s principal purchaser Saudi Energy Procurement Co. signed an influence buy settlement with the Public Funding Fund-owned Badeel and ACWA Energy for 3 new photo voltaic vitality tasks.  

These three impartial energy tasks, which can be constructed at a price of SR12.2 billion ($3.25 billion), intend to provide a mixed capability of 4.55 gigawatts, powering roughly 750,000 households.   

The monetary shut for these tasks is predicted by the third quarter of 2023. 

The tasks Ar Rass 2, Saad 2 and Al Kahfah have a capability of roughly 2,000 megawatts of alternating present, 1,125 MWac, and 1,425 MWac of renewable energy, respectively.  

“At present’s signing of three energy buy agreements marks a big milestone for ACWA Energy, representing the most important single transaction for photo voltaic tasks in our firm’s historical past. This achievement illustrates our agency dedication to a sustainable future for Saudi Arabia and past,” ACWA Energy CEO Marco Arcelli stated.

The photo voltaic initiatives fall underneath the umbrella of the Nationwide Renewable Power Program, a scheme overseen by the Ministry of Power. The PIF has been assigned to set up 70 p.c of NREP’s goal capability.  

Aligned with the Kingdom’s Imaginative and prescient 2030 initiative, the Ministry of Power goals to displace liquid fuels by harnessing renewable vitality sources. The ministry goals to extend the share of renewables by 50 p.c of the vitality combine by 2030.  

The wealth fund is at the moment creating a complete of 5 tasks, with a cumulative capability of 8 GW and over $6 billion of funding from the fund and its companions.  

“The three new photo voltaic tasks are a part of PIF’s dedication to creating 70 p.c of Saudi Arabia’s renewable vitality by 2030, in step with the Nationwide Renewable Power Program,” Mohammed Al-Balaihed, head of vitality and utilities at PIF, stated.  

“Renewable vitality is certainly one of PIF’s precedence sectors, with a give attention to unlocking the capabilities of promising sectors and enabling the non-public sector to reinforce Saudi Arabia’s efforts in diversifying the financial system,” Al-Balaihed added.