Saudi deputy FM meets Sudan's Sovereign Council chief in Port Sudan    Kuwait, India to elevate bilateral relations to strategic partnership Sheikh Mishal awards Mubarak Al-Kabir Medal to Modi    MoH to penalize 5 health practitioners for professional violations    Al-Samaani: Saudi Arabia to work soon on a comprehensive review of the legal system    Environment minister inaugurates Yanbu Grain Handling Terminal    Germany's attack suspect reportedly offered reward to target Saudi ambassador    U.S. Navy jet shot down in 'friendly fire' incident over Red Sea    Israeli strikes in Gaza kill at least 20 people, including five children    Trudeau's leadership under threat as NDP withdraws support, no-confidence vote looms    Arabian Gulf Cup begins with dramatic draws and a breathtaking ceremony in Kuwait    GACA report: 928 complaints filed by passengers against airlines in November    Riyadh Season 5 draws record number of over 12 million visitors    Fury vs. Usyk: Anticipation builds ahead of Riyadh's boxing showdown    Saudi Arabia to compete in 2025 and 2027 CONCACAF Gold Cup tournaments    Marianne Jean-Baptiste on Oscars buzz for playing 'difficult' woman    PDC collaboration with MEDLOG Saudi to introduce new cold storage facilities in King Abdullah Port Investment of SR300 million to enhance logistics capabilities in Saudi Arabia    Al Shabab announces departure of coach Vítor Pereira    My kids saw my pain on set, says Angelina Jolie    Legendary Indian tabla player Zakir Hussain dies at 73    Eminem sets Riyadh ablaze with unforgettable debut at MDLBEAST Soundstorm    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



NDF to participate in financing world's largest solar energy project in Saudi Arabia's Shuaibah
Published in The Saudi Gazette on 21 - 08 - 2023

RIYADH — The National Development Fund (NDF) has announced its participation in financing the biggest renewable energy project in the world at Al Shuaibah in Saudi Arabia.
This comes within NDF's role to empower the promising sectors and industries in Saudi Arabia, and enhance their capabilities in a way that ensures achieving the objectives of the Kingdom's Vision 2030, and contributes to building a sustainable and prosperous future for the most important and innovative economy in the region.
Several agencies, including the National Infrastructure Fund (NIF), local and international banks, participated with NDF in financing the project with a total loan value of SR6.1 billion. The NIF's contribution is valued at SR1.7 billion.
One of the goals of the National Infrastructure Fund is to contribute to accelerating the implementation of strategic infrastructure projects in Saudi Arabia that have long-term developmental impact.
It also enhances its partnerships with local and international banks to diversify financing sources for infrastructure projects in vital sectors.
This financing also confirms the continuing commitment of the NIF to support the Saudi Green Initiative and renewable and clean energy projects. It also contributes to achieving the Kingdom's Vision 2030's goals in diversifying the energy mix, in addition to attracting local and international investors.
Financing the first and the second of Al Shuaibah projects is the first financing by the National Infrastructure Fund for a project in which Saudi Aramco participates.
NIF is also proud of its first support for one of the investment projects announced by "Badeel", a company wholly owned by the Public Investment Fund (PIF).
The Al Shuaibah project is a partnership between Saudi Aramco, Badeel, and ACWA Power, a leading company in the field of renewable energy and water desalination, to establish the largest solar photovoltaic power plant in the Kingdom, with a total value of about SR8.3 billion.
The plant is scheduled to start its commercial activities in 2025, as it will generate a total capacity of more than 2.6 gigawatts of clean energy, capable of supplying about 450,000 households with electricity.


Clic here to read the story from its source.