RIYADH: Saudi Arabia’s Public Investment Fund has received proposals from ACWA Power to develop two solar power projects with a combined capacity of 2,300 MW, MEED reported.
The proposal include the 2,000 MW Shuaibah 2 solar photovoltaic and the 300 MW Rabigh 2 solar photovoltaic projects.
Overseen by the PIF, the proposals are currently under the review of the Kingdom’s Water and Electricity Regulatory Authority, MEED reported citing an industry source.
The sovereign fund is responsible for achieving 70 percent of the Kingdom’s national renewable energy target, with a capacity of 27.3 GW by 2024 and 58.7 GW by 2030.
While the Energy Ministry is taking steps to achieve the remaining targets through public tendering, according to MEED.