Two Saudi Arabian companies, the Water and Electricity Holding Company (Badeel) and ACWA Power, have agreed to jointly invest $3.25 billion in four solar complexes in the country – the 2 GW Ar Rass 2, the 1.12 GW Saad 2, and the 1.42 GW Al Kahfah projects, for a mammoth total of 4.5 GW which the two players will share ownership of. The two companies have signed PPAs (Power Purchasing Agreements) with the Saudi Power Procurement Company and financial close is expected for Q3. Badeel is a subsidiary of the Saudi Arabian Public Investment Fund (PIF), which will develop 70% of Saudi renewable projects under the National Renewable Energy Program (NREP) through to 2030, which should see the country reach…