Saudi National Development Fund to finance kingdom's largest solar project

RIYADH, Aug. 20 (Xinhua) -- The Saudi National Development Fund announced on Sunday that it will contribute 1.7 billion Saudi riyals (about 427 million U.S. dollars) to finance the largest solar project in the kingdom.

With a total investment of 8.3 billion riyals, the 2.6-gigawatt Al Shuaibah solar project is being developed by a joint venture comprising the state oil giant Aramco, Water and Electricity Holding Company (Badeel), and ACWA Power, a leading Saudi developer, investor, and operator of power generation, the fund said in a statement.

The project is expected to be operational in 2025. Once completed, it is estimated to provide green electricity to more than 450,000 households.