$8.2 Billion Boost Powers 15 GW of Saudi Renewable Energy Projects
Saudi Arabia has taken a bold leap forward in its clean energy ambitions, securing financial close for a massive portfolio of Saudi renewable energy projects totaling 15 gigawatts (GW) in capacity. Spearheaded by Acwa Power in partnership with Water and Electricity Holding Company (Badeel) and Saudi Aramco Power Company (Sapco), the initiative marks the largest agreement to date under the kingdom’s National Renewable Energy Program (NREP).
7 Giga-Scale Projects Across 4 Provinces
The $8.2 billion investment will fund five solar photovoltaic (PV) plants and two wind energy projects across four provinces. The solar projects include:
- Bisha (3 GW, Asir Province)
- Humaij (3 GW, Madinah Province)
- Khulis (2 GW, Makkah Province)
- Afif1 and Afif2 (2 GW each, Riyadh Province)
The wind energy developments are:
- Starah (2 GW, Riyadh Province)
- Shaqra (1 GW, Riyadh Province)
Together, these seven Saudi renewable energy projects are expected to be operational between the second half of 2027 and the first half of 2028.
$5.9 Billion in Senior Debt from 21 Global Banks
To finance the projects, a senior debt facility of $5.9 billion was secured from a consortium of 21 local, regional, and international banks. These include major players such as HSBC, Bank of China, Mizuho Bank, and Saudi National Bank. The scale and diversity of the financing partners underscore global confidence in Saudi Arabia’s clean energy roadmap.
Power Purchase Agreements Secured with SPPC
Each project is backed by a power purchase agreement (PPA) with the Saudi Power Procurement Company (SPPC), ensuring long-term revenue stability. The levelized cost of electricity (LCOE) for these projects ranges between SAR 0.047 ($0.013)/kWh and SAR 0.051/kWh—among the most competitive rates globally for utility-scale solar and wind.
34 GW and Counting: Acwa Power’s Expanding Role
With the addition of these new developments, Acwa Power’s solar and wind portfolio in Saudi Arabia now spans 21 projects, representing over 34 GW of renewable capacity. Globally, the company’s total renewable energy footprint has reached 51.9 GW, reinforcing its position as a leader in the energy transition and a key player in Saudi renewable energy projects.
Local Impact: Jobs, Supply Chains, and Skills Transfer
Beyond clean power generation, the projects are expected to create thousands of jobs and stimulate domestic supply chains. Acwa Power and its partners have committed to technology transfer initiatives and training programs aimed at building Saudi talent in the renewable energy sector. These efforts align with the broader goals of Vision 2030 to diversify the economy and reduce dependence on fossil fuels.
PIF’s Expanding Green Portfolio Hits 28.6 GW
The Public Investment Fund (PIF), through Badeel, is now backing Saudi renewable energy projects with a cumulative capacity of 28.6 GW. This includes previously announced developments such as Sudair, Shuaibah 2, and Ar Rass 2. The scale of investment over $17 billion reflects a long-term commitment to building a resilient and diversified energy future.
Also Read: 64 Projects Power Saudi Renewable Capacity Growth
