Big oil company joins construction of giant solar park in Saudi Arabia

Saudi Arabia's national oil company, Saudi Aramco, has announced it has joined the group led by ACWA Power to build a large solar park worth about $ 1 billion. The world's largest oil exporter is expanding its renewable energy potential, according to Bloomberg, Mind.ua reports.

Aramco will hold a 30% stake in the Sudair solar project, while ACWA and partner Water & Electricity Holding Co will each receive 35%.

The capacity of the future project will be 1.5 GW.

As you know, Saudi Arabia is gradually phasing out fossil fuels in favour of clean energy. Energy Minister Prince Abdulaziz bin Salman announced the Sudair project in April, saying it will become the largest such park in the country when operational. The solar park is expected to start producing energy in the second half of 2022.

Aramco CEO Amin Nasser said last week that the company is considering options for producing and exporting hydrogen.

Tags: gas, oil, solar energy, electricity market, renewables, investments, hydrogen, ecology, technologies, oil companies

Read also

German gas shortage may prevent exports to Europe
France says it can do without Russian supplies
749 settlements de-energized due to hostilities