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Saudi Arabia Secures Financing For $2.4 Billion Solar Project

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on Oil Price or enjoy below

🗞️ Driving the news: Several Saudi companies, including Aramco and a firm owned by Saudi Arabia's sovereign wealth fund, announced the financial close of a significant solar project worth $2.37 billion
• The Al Shuaibah 1 and Al Shuaibah 2 solar PV projects are expected to generate over 2.6 GW of clean electricity and will be capable of powering around 450,000 Saudi households

🔭 The context: Saudi Arabia has ambitious plans to expand its renewable energy capacity, targeting 58 GW of wind and solar energy by 2030
• This announcement is a significant step towards the National Renewable Energy Program's goal of generating 50% of the Kingdom's electricity from renewable sources by 2030.

🌎 Why does it matter for the planet: The Al Shuaibah projects align with global efforts to reduce carbon emissions and transition to cleaner energy sources, reflecting a broader regional push towards environmental responsibility

⏭️ What's next: With a total investment of $2.37 billion, the Al Shuaibah solar plant is expected to begin commercial operations in 2025
• These projects are part of Saudi Arabia's broader $270 billion investment in low-carbon energy projects by 2030

💬 One quote: “Our participation in the Al Shuaibah PV 1 and Al Shuaibah PV 2 projects aligns with our efforts to reduce Aramco’s carbon footprint and create a more sustainable future. While oil and gas will play a major role to meet the energy demand of today and tomorrow, renewables will increasingly play a part in the energy transition to address the climate change challenges” (Mohammed Al Qahtani, President of Downstream at Aramco)

📈 One stat: Saudi Arabia aims to have 58 GW of wind and solar energy capacity by 2030, a massive increase from less than 1 GW currently

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