Riyadh, August 20, 2023, In a significant development, the National Development Fund (NDF) has announced its commitment to allocate a substantial amount of SAR 1.7 billion towards the ambitious Al Shuaibah solar project. This project, with a total estimated cost of SAR8.3 billion, aims to generate an impressive 2.6 GW of clean energy. The responsibility for overseeing this venture lies with the National Infrastructure Fund, which is currently in the process of being established. This financial contribution from the NDF marks a significant step forward in the realization of this groundbreaking solar initiative.
In a groundbreaking collaboration, Saudi Aramco, Badeel (the energy and water platform fully owned by the Public Investment Fund), and ACWA Power have come together to create one of the largest renewable energy projects in the world.
Today, the project reached its goal of securing total financing, thanks to the contribution from NDF. The involvement of the National Infrastructure Fund in this endeavor will expedite the implementation of crucial infrastructure, which is vital for the realization of Vision 2030.
The National Development Fund's (NDF) impressive financing commitment of SAR 1.7 billion has garnered significant attention from both local and international banking groups. This development aligns perfectly with the National Infrastructure Fund's overarching goal of stimulating foreign direct investment (FDI) and encouraging private sector involvement in Saudi Arabia's thriving infrastructure market.
The project stands as a testament to the unwavering dedication of the National Development Fund (NDF) to fulfilling the objectives of the Saudi Green Initiative. Through the establishment of the National Infrastructure Fund, the NDF reaffirms its steadfast commitment to facilitating the development of expansive infrastructure crucial for the successful transition towards sustainable and eco-friendly energy sources.
In a groundbreaking development, the highly anticipated project, sponsored by Aramco, has become the inaugural venture to receive financial backing from the National Infrastructure Fund of the National Development Fund (NDF). This significant investment marks a pivotal moment for Badeel, the energy and water platform owned by the Public Investment Fund (PIF), as it embarks on its maiden foray into the sector.
In what can only be described as a monumental endeavor, the Kingdom is embarking on its largest renewable energy project to date. In a highly anticipated development, the commercial operations of a groundbreaking project are slated to commence in 2025. This ambitious endeavor is set to revolutionize the energy landscape by generating an impressive 2.6 GW of clean, renewable electricity. With its vast capacity, this innovative initiative is poised to cater to the energy needs of over 450,000 households, ushering in a new era of sustainable power for countless families.
The National Infrastructure Fund's commitment to backing projects that yield significant socio-economic benefits is poised to enhance the appeal of domestic industries, foster the generation of employment opportunities, and fuel the expansion of both local and international investments.
