ACWA Power, Badeel, and Aramco subsidiary “SAPCO” achieve $8.2 billion financial close to develop 15 GW of renewables in Saudi Arabia

• The financial close secures funding for major solar PV and wind plants with a combined capacity of 15 GW

• Projects form an important part of Saudi Arabia’s National Renewable Energy Program, led by the Ministry of Energy

• Projects are expected to be operational in second half of 2027 and first half of 2028

Riyadh, Kingdom of Saudi Arabia: ACWA Power, the world's largest private water desalination company, a leader in energy transition, and a first mover in green hydrogen, together with the Water and Electricity Holding Company (Badeel), a wholly owned company of PIF, and Saudi Aramco Power Company (SAPCO), a wholly owned subsidiary of Aramco, announced today the successful financial close to develop seven giga-scale projects consisting of five solar photovoltaic (solar PV) plants and two wind energy 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); and 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.

“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.”

Marco Arcelli, Chief Executive Officer of ACWA Power

Sultan AlNabulsi, Acting Chief Executive Officer at Badeel, said: “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."

With a total investment value of $8.2 billion (SAR 31 billion), the seven new projects are expected to have a combined capacity of 15 GW of renewable power. They are an important component in Saudi Arabia’s NREP, led and supervised by the Ministry of Energy, and are reflected in PIF’s commitment to develop 70% of Saudi Arabia’s Renewable Energy Target Capacity by 2030. The projects are expected to be operational in the second half of 2027 and first half of 2028.

PIF, through Badeel, and its partners are currently sponsoring several projects with a total cumulative capacity of 28.6 GW, involving more than $17 billion (SAR 63.75 billion) in investments. These joint projects, which also include Haden, Muwayh, Al Khushaybi, Sudair, Shuaibah 2, Ar Rass 2, Al Kahfah, and Saad 2, enable and support the local private sector through domestic supply chain participation. With the addition of these new projects, ACWA Power's solar and wind portfolio in Saudi Arabia now stands at 21 projects, representing more than 34 GW of combined renewable capacity. It also brings ACWA Power's total renewable capacity portfolio to 51.9 GW.

The $5.9 billion senior debt financing for the Bisha, Humaij, Khulis, Afif1, Afif2, Starah, and Shaqra plants was funded by a consortium of local, regional and international banks, including Ajman Bank, Al Masraf, Alinma Bank, Arab National Bank, Bank of China, China Construction Bank, China Minsheng Bank, Emirates NBD Bank, Eurobank, First Abu Dhabi Bank, HSBC Bank Middle East Limited, Industrial and Commercial Bank of China Limited, KfW IPEX-Bank GmbH, Mizuho Bank, Natixis, Piraeus Bank, Saudi Awwal Bank, Saudi National Bank, Société Générale, Standard Chartered Bank Limited, and Sumitomo Mitsui Trust Bank.