Saudi Arabia to build giant solar power plant

Saudi Arabia is getting a new solar power plant. 

The Saudi energy company ACWA Power and the kingdom’s Public Investment Fund will develop and build a 2,060 megawatt solar photovoltaic plant in western Saudi Arabia. ACWA Power and the sovereign wealth fund each own a 50% stake in the project. The plant is expected to be operational by the fourth quarter of 2025, ACWA Power said in a press release. 

Why it matters: Solar power is growing in the oil and gas-rich Gulf as regional governments seek to diversify their energy sources. Solar energy is also on the rise in Lebanon, Syria and Iraq, albeit on a smaller scale. 

The new Saudi plant will have a larger capacity than other major solar plants in the region. The following is a breakdown of large solar projects in other Middle Eastern countries.

Qatar: The Al Kharsaah solar power plant was inaugurated last month and has an 800 megawatt capacity. 

United Arab Emirates: The Shams solar field was launched in 2013 and has a capacity of 100 megawatts. 

Egypt: The Benban solar power plant near the Aswan dam was inaugurated in 2019. Its capacity is 2,000 megawatts.

Know more: The Public Investment Fund has unveiled several new projects this November. Yesterday, the fund’s electric vehicle company, Ceer, bought land for a factory. The sovereign wealth fund also recently unveiled plans to build a new renewable energy-powered airport in Riyadh.