ACWA Power and partners to develop $8.3b renewable energy projects in Saudi Arabia

This will fund the development of seven new energy plants.

ACWA Power, Electricity Holding Company (Badeel), and Saudi Aramco Power Company (SAPCO) have signed agreements for $8.3b worth of renewable energy projects in Saudi Arabia.

In a statement, ACWA Power said the power purchase agreements were signed with the Saudi Power Procurement Company (SPPC). SPPC will be the procurer and off-taker for the development of five large-scale solar plants and two large-scale wind plants with a combined capacity of 15,000 megawatts (MW).

The projects include Bisha (3,000 MW solar PV, located in Asir province), Humaij (3,000 MW Solar PV, located in Madinah province), Khulis (2,000 MW Solar PV, located in Makkah province), Afif1 (2,000 MW Solar PV, located in Riyadh province), Afif2 (2,000 MW Solar PV, located in Riyadh province), Starah (2,000 MW Wind, located in Riyadh province), and Shaqra (1,000 MW Wind, located in Riyadh province); and will be jointly owned by Badeel, ACWA Power and SAPCO.

The projects are expected to be operational in the second half of 2027 and the first half of 2028. Financial closes are expected by the third quarter of 2025.