Riyadh - Sharikat Mubasher: The Saudi National Development Fund (NDF) announced its contribution in financing the Kingdom’s largest solar plant, with SAR1.7 billion on behalf of the National Infrastructure Fund (under establishments), according to a statement by the fund.

The total investments of Al Shuaibah project worth SAR8.3 billion, and it is expected to start operating in 2025 with total capacity of 2.6 GW.

The project, located in Makkah Province, is the first financed by NDF’s National Infrastructure Fund and will be developed by a consortium including Saudi Aramco, ACWA Power, and Badeel, the water and energy platform that is fully owned by the Public Investment Fund (PIF).

The Al Shuaibah project is considered one of the world’s largest renewable energy projects as it is expected to provide green electricity to more than 450,000.

The NDF’s participation highlights its commitment to the Saudi Green Initiative, and to deliver a large-scale infrastructure required to transform to green energy.

Through providing the SAR1.7bn-finance, the NDF attracted large local and international banking groups, in alignment with the National Infrastructure Fund’s goal to increase FDI and private sector investment in Saudi Arabia infrastructure market.

The National Infrastructure Fund is an affiliate to the NDF that targets accelerating infrastructure projects in the Kingdom in order to achieve the goals of Saudi Arabia 2030 Vision. It focuses on creating partnerships with the private sector through attracting local and international investors to participate in qualitative infrastructure projects.

 ACWA Power, headquartered in Saudi Arabia, operates a portfolio of power generation and water desalination projects in MENA, Southern Africa and South East Asia regions.