Search Site

Trends banner

Oracle shares up 35%

Huge AI contracts lead to the surge.

ADCB to raise $1.66bn

The rights issue aimed at boosting growth.

EGA H1 revenue $4.11bn

Net profit before GAC $445 million.

Borouge to pay $660m H1 dividend

Its net profit for H1 was $474 million.

TAQA secures $2.31bn loan

It will be utilized in a phased manner.

Saudi Arabia set to build two 600MW solar plants

  • The projects will be handled through the Saudi Authority for Industrial Cities and Technology Zones Modon
  • They are part of the country’s plan to generate 50 percent of its energy from renewables

Saudi Arabia is building two renewable energy plants with 600MW capacity in different parts of the country, local reports have said.

The plants will be built on land plots with a total area of 12 million sq m, said the reports.

They are said to be part of the country’s plan to generate 50 percent of its energy from renewables, as it looks to reduce its dependence on fossil fuels.

The plants will reportedly be built in the Third Industrial City in Jeddah and the Industrial City in Rabigh.

The projects will be handled through the Saudi Authority for Industrial Cities and Technology Zones Modon, said the reports.

The country’s Ministry of Energy is working to diversify the energy mix to produce electricity by increasing the share of gas and renewable energy sources in it.

This week, another Saudi renewable energy project saw a major development when a consortium led by developer Acwa Power reached financial closure for the 1,500MW Sudair solar plant.

Located in Sudair Industrial City in the northern part of the country, it is expected to be the world’s largest single-contracted solar photovoltaic plant.

The developer also announced that Aramco-owned Sapco has joined the consortium, marking the oil giant’s first participation in the Saudi Public Investment Fund’s renewable energy program.