- ACWA Power, alongside the Public Investment Fund–owned Water and Electricity Holding Company (Badeel) and Saudi Aramco Power Company (SAPCO), has reached financial close on seven large-scale renewable energy projects worth $8.2 billion, paving the way for 15 gigawatts of new solar and wind capacity across the Kingdom.
The portfolio, comprising five solar photovoltaic plants and two wind farms, forms a major part of Saudi Arabia’s National Renewable Energy Program (NREP), overseen by the Ministry of Energy. The projects are scheduled to come online between the second half of 2027 and the first half of 2028.
The new plants include:
- Bisha – 3 GW solar PV (Asir Province)
- Humaij – 3 GW solar PV (Madinah Province)
- Khulis – 2 GW solar PV (Makkah Province)
- Afif 1 – 2 GW solar PV (Riyadh Province)
- Afif 2 – 2 GW solar PV (Riyadh Province)
- Starah – 2 GW wind (Riyadh Province)
- Shaqra – 1 GW wind (Riyadh Province)
The projects will be jointly owned by ACWA Power, Badeel, and SAPCO, with the Saudi Power Procurement Company acting as procurer and off-taker.
ACWA Power CEO Marco Arcelli described the financial close as a “decisive step forward” for the Kingdom’s renewable energy ambitions, noting that the portfolio includes the company’s first wind projects in Saudi Arabia. He added that the developments will reinforce energy security while stimulating local job creation, supply chain growth, and technology transfer.
Badeel’s Acting CEO Sultan AlNabulsi said the milestone strengthens the company’s role as a core sponsor of PIF-backed renewable initiatives and demonstrates its long-term value creation potential.
Aramco Senior Vice President of New Energies Waleed Al Saif highlighted the significance of advancing one of the region’s largest renewable portfolios, saying the achievement reflects a shared commitment to diversifying Saudi Arabia’s energy mix and supporting its net-zero pathway.
The seven projects form part of a broader pipeline backed by PIF, Badeel, and partners, totaling 28.6 GW of capacity and more than $17 billion in investment. With the new additions, ACWA Power’s renewable portfolio in Saudi Arabia rises to 21 projects representing over 34 GW, and its global renewable capacity reaches 51.9 GW.
Financing for the portfolio includes $5.9 billion in senior debt provided by a consortium of regional and international lenders, among them: Ajman Bank, Al Masraf, Alinma Bank, Bank of China, China Construction Bank, Emirates NBD, First Abu Dhabi Bank, HSBC Middle East, ICBC, KfW IPEX-Bank, Mizuho Bank, Natixis, Saudi National Bank, Société Générale, Standard Chartered, and Sumitomo Mitsui Trust Bank.
Author: Bryan Groenendaal
