ACWA Power has reached financial close on seven giga-scale renewable energy projects in Saudi Arabia in partnership with the Water and Electricity Holding Company (Badeel) and Saudi Aramco Power Company (SAPCO).
The projects, part of the Kingdom’s National Renewable Energy Program (NREP), comprise five solar photovoltaic (solar PV) plants and two wind energy developments.
The new plants include Bisha (3 GW solar PV in Asir Province), Humaij (3 GW solar PV in Madinah Province), Khulis (2 GW solar PV in Makkah Province), Afif1 and Afif2 (2 GW each in Riyadh Province), Starah (2 GW wind in Riyadh Province), and Shaqra (1 GW wind in Riyadh Province). Ownership will be shared between ACWA Power, Badeel, and SAPCO, with the Saudi Power Procurement Company acting as procurer and off-taker.
Marco Arcelli, CEO of ACWA Power, said, “Achieving financial close for this portfolio of renewable energy projects under the National Renewable Energy Program, including our first two wind projects in Saudi Arabia, marks a decisive step forward in realizing the Kingdom's ambitious renewable goals. With this milestone, we are accelerating towards bringing these giga-scale projects to life, which directly contribute to energy security in the Kingdom. Beyond lower-carbon power generation, these projects will potentially create thousands of jobs, stimulate domestic supply chains, and enable significant technology transfer to Saudi talent through dedicated training programs. As the largest agreement under the NREP, this landmark collaboration underscores the nation’s steadfast commitment to building a more resilient and sustainable energy landscape.”
Sultan AlNabulsi, Acting CEO at Badeel, added, “Reaching financial close and securing funding for the seven landmark projects marks a major milestone in Badeel’s journey as an anchor sponsor in the renewable energy projects mandated under the Public Investment Fund, reaffirming our commitment to advancing Saudi Arabia’s renewable energy ambitions. This achievement reinforces Badeel’s position as a reliable renewables platform and strengthens the confidence in its long-term value-creation capability.”
Waleed Al Saif, Aramco SVP of New Energies, said, “The financial close for such giga-scale solar and wind projects marks a significant step forward towards the Kingdom’s objectives under the National Renewable Energy Program. This 15 GW portfolio, featuring some of the largest renewable developments in the region, is a demonstration of what may be accomplished through strong partnership and a shared vision. This achievement not only reinforces our dedication to a diversified energy future, but also supports the journey toward our net-zero ambitions.”
The seven projects represent a total investment of US$8.2 bn (SAR 31 bn) and are expected to deliver 15 GW of renewable capacity, with operations planned between the second half of 2027 and the first half of 2028. ACWA Power’s Saudi solar and wind portfolio now includes 21 projects exceeding 34 GW, while its global renewable portfolio reaches 51.9 GW. Senior debt financing of US$5.9 bn was provided by a consortium of local, regional, and international banks, including HSBC, First Abu Dhabi Bank, Standard Chartered, and China Construction Bank.
ACWA Power closes major Saudi renewables deal
