ACWA Power achieves financial close for 15 GW of RE projects in Saudi Arabia

The projects to be built comprise solar and wind facilities.

ACWA Power, along with its partners Water and Electricity Holding Company (Badeel), and Saudi Aramco Power Company (SAPCO), have reached financial close for the development of 15 gigawatts (GW) of solar and wind projects in Saudi Arabia.

As part of the Kingdom’s National Renewable Energy Program (NREP), the seven new renewable energy plants include Bisha (3 GW solar PV, located in Asir Province), Humaij (3 GW solar PV, located in Madinah Province), Khulis (2 GW solar PV, located in Makkah Province), Afif1 (2 GW solar PV, located in Riyadh Province), Afif2 (2 GW solar PV, located in Riyadh Province), Starah (2 GW wind, located in Riyadh Province), and Shaqra (1 GW wind, located in Riyadh Province).

These will be jointly owned by ACWA Power, Badeel, and SAPCO, with the Saudi Power Procurement Company as the procurer and off-taker for the projects.

The projects have a total investment value of $8.2b, and are expected to be operational in the second half of 2027 and the first half of 2028.