Saudi power group ACWA Power, the Water and Electricity Holding Company (Badeel) and Saudi Aramco Power Company (SAPCO) have signed power purchase agreements (PPAs) with the Saudi Power Procurement Company (SPPC) as the procurer and off-taker for the development of five large-scale solar PV power plants and two large-scale wind energy plants across Saudi Arabia. The seven projects represent a total investment of US$8.3bn to install a total of 15 GW of renewable capacity (12 GW solar PV and 3 GW wind).
The investment consists of the development of five solar projects, of which two will have a capacity of 3 GW (Bisha and Humaij), and three a capacity of 2 GW (Khulis, Afif-1 and Afif-2), along with the Starah and Shaqra wind projects (2 GW and 1 GW, respectively). The companies plan to commission the projects between the second half of 2027 and first half of 2028. Financial closes are expected by the third quarter of 2025.
The projects are aligned with Saudi Arabia’s National Renewable Energy Programme (NREP), which targets a capacity of 58.7 GW of renewables in 2030, 40 GW of which from solar and 16 GW from wind. At the end of 2024, about 95% of the country’s total installed capacity came from fossil fuels (over 86 GW), with only 4.7 GW from renewables.
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