The National Development Fund (NDF) has announced its participation in completing the financing of one of the largest renewable energy (photovoltaic) production projects in the world and the largest in the kingdom, located in Shuaiba in Makkah region, based on its role to empower promising sectors and industries in the Kingdom and enhance their potential to ensure the achievement of Saudi Vision 2030 and contribute to building a sustainable and prosperous future for the most important and innovative economy in the region.
The National Development Fund, on behalf of the National Infrastructure Fund (under establishment), participated in financing the project, in addition to a number of local and international banks, with a total loan value of SR 6.1 billion, and the contribution of the National Infrastructure Fund (under establishment) to it with funding of SR 1.7 billion.
This financing achieves one of the objectives of the National Infrastructure Fund (under establishment) in contributing to accelerating the implementation of strategic infrastructure projects in the kingdom with a long-term development impact, and strengthening its partnerships with local and international banks to contribute to diversifying funding sources for infrastructure projects in vital sectors.
The financing of this project confirms the ongoing commitment of the National Infrastructure Fund (under establishment) to support the Saudi Green initiative and renewable and clean energy projects, and contribute to achieving the goals of Saudi Vision 2030 in diversifying the energy mix and sources, and attracting local and international investors.
The financing of the Shuaiba project (I and II) is the first funding of the National Infrastructure Fund for one of the projects in which Saudi Aramco participates, and the fund is also proud of its first support for one of the investment projects announced by "Badil", a company wholly owned by the Public Investment Fund.

It is worth mentioning that the Shuaiba project (the first and second) is a partnership between Saudi Aramco, "Badil" company and ACWA Power, the leading company in the field of renewable energy and water desalination, to create the largest solar photovoltaic power plant in the kingdom with a total value of about 8.3 billion riyals, which is scheduled to start its commercial activities in 2025, and the facility will generate a total capacity of more than 2.6 gigawatts of clean energy, capable of supplying about 450 thousand households with electricity.
The National Development Fund was established by royal decree in order to raise the level of performance of development funds and banks to achieve the desired goals of its establishment, and to keep pace with what serves development priorities and economic needs, in light of the objectives and pillars of the Saudi Vision "2030"with the aim of becoming a distinguished global brand as a development financial institution through alignment, integration and facilitation between partners to enable economic transformation and maximize the developmental impact and productivity of the kingdom, through the application of international best practices to promote development and focus on supporting sustainable growth for the private sector through a wide range of financing solutions, which contributes to the diversification of the economy; it achieves continuous improvement of productivity, ensures Efficiency and effectiveness of programs, projects and initiatives directed to development financing.