June 21, 2024

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The world's largest oil company invests in a solar power plant

The world’s largest oil company invests in a solar power plant

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Saudi Aramco, the world’s largest oil company, has become a shareholder in a project to build a 1.5-GW solar power plant in Saudi Arabia’s Sudair region, according to an ACWA Power report.

The Sudair solar power plant is part of the renewable energy program in Saudi Arabia, which the authorities announced in April 2021. The first phase of the project is expected to be completed in the second half of 2022, at which point the plant will start operating. Energy.

At an estimated cost of around $1 billion, Sadir Solar will be one of the largest single-decade solar PV plants in the world and the largest of its kind in the country. It will supply 185,000 homes at ultra-low rates and will also reduce air emissions by 2.9 million tons per year.

Saudi Aramco has invested for the first time in a renewable energy project. The company is considered a world leader in oil reserves and production, as well as being the main source of income for the budget of Saudi Arabia. It will own 30% of Sudair Solar Energy, while it will control 35% of the Public Investment Fund for Renewable Energy, and the remaining 35% for ACWA Power.

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Saudi Arabia has started developing the project under the Energy Efficiency Program adopted by the G20. The construction of the solar power plant is a testament to the Kingdom’s continuous efforts to reduce emissions from the energy sector, as they assert in ACWA Power.

Decarbonization has been a trend in recent years due to the climate agenda. Countries all over the world are working to reduce emissions and develop renewable energy sources.