Saudi power developer ACWA Power, together with the Water and Electricity Holding Company (Badeel) and Saudi Aramco Power Company (SAPCO), has reached financial close on seven major renewable energy projects in the Kingdom, according to an ACWA Power press release.
The portfolio includes five solar photovoltaic plants and two wind farms, adding a combined 15 GW of new generation capacity. The total investment for these projects is estimated at SAR 31 billion (about US$8.2 billion), according to the same ACWA Power press release.
All seven plants are part of Saudi Arabia’s National Renewable Energy Program (NREP). The projects are Bisha (3 GW solar PV, Asir Province), Humaij (3 GW solar PV, Madinah Province), Khulis (2 GW solar PV, Makkah Province), Afif 1 and Afif 2 (2 GW solar PV each, Riyadh Province), Starah (2 GW wind, Riyadh Province), and Shaqra (1 GW wind, Riyadh Province). Ownership will be shared by ACWA Power, Badeel, and SAPCO, with the Saudi Power Procurement Company (SPPC) acting as procurer and off-taker.
Power purchase agreements between the ACWA-led consortium and SPPC were signed in July 2025, according to ACWA Power, and the projects are expected to start commercial operations between the second half of 2027 and the first half of 2028.
These new plants contribute to Saudi Arabia’s NREP targets of deploying 40 GW of solar capacity and 16 GW of wind capacity by 2030, according to ACWA Power. Enerdata supports monitoring of such developments through its Power Plant Tracker service, which compiles data on existing and planned power generation assets worldwide, covering both renewable and conventional technologies.
