The world’s largest oil company invests in a solar power plant

The world’s largest oil company invests in a solar power plant

Saudi Aramco, the largest oil company in the world, has become a shareholder in the project to construct a solar power plant … 15.08.2021, Sputnik Mondo

2021-08-15T23:55+0000

2021-08-15T23:55+0000

2021-08-15T23:55+0000

Economie

Kingdom Saudi Arabia

Solar energy

comp

Aramco Saudi Arabia

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The Sudair solar power plant is part of the renewable energy program in Saudi Arabia, which was announced by the authorities in April 2021. The first phase of the project is expected to be completed in the second half of 2022, at which point the plant will start operating. At an estimated cost of approximately $1 billion, Sadir Solar will be one of the largest single-decade solar PV plants in the world and the largest of its kind in the country. It will supply 185,000 homes at very low rates, and will reduce air emissions by 2.9 million tons annually. Saudi Aramco has invested for the first time in a renewable energy project. The company is considered a world leader in oil reserves and production, as well as being the main source of income for the budget of Saudi Arabia. It will own 30% of Sudair Solar, while 35% will be controlled by the Public Investment Fund for Renewable Energy, and the remaining 35%, by ACWA Power. The Kingdom of Saudi Arabia has started to develop the project under the Energy Efficiency Program approved by the G20. The construction of the solar power plant is a testament to the Kingdom’s continuous efforts to reduce emissions from the energy sector, they assert at ACWA Power, and decarbonization has been a trend in recent years due to the climate agenda. Countries all over the world are working to reduce emissions and develop renewable energy sources.