A consortium comprising ACWA Power, Badeel and Saudi Aramco Power Company has completed the financial close on seven large-scale renewable energy projects totalling 15 gigawatts. The agreements signed with Saudi Power Procurement Company cover five solar photovoltaic plants and two wind power farms to be built across several provinces, representing one of the largest investments under the Kingdom’s National Renewable Energy Programme.

The portfolio of projects includes solar plants at Bisha and Humaij, Khulis and two in Afif, as well as wind farms at Starah and Shaqra. The total capacity is divided between 12,000 MW of solar PV and 3,000 MW of wind energy, amounting to the 15,000 MW target. The capital commitment for the deal stands at approximately $8.3 billion.

Under the terms of the power purchase agreements, SPPC will act as the procurer and off-taker for the electric output once the plants become operational. Project companies established for each site will be jointly owned by ACWA Power, Badeel and SAPCO. ACWA Power holds a 35.1 percent stake in each venture, with Badeel and SAPCO holding 34.9 percent and 30 percent respectively.

The timeline for the rollout outlines financial close completed in the second quarter of 2025, with commercial operations expected to begin in phases between the second half of 2027 and the first half of 2028. The new plants will contribute to expanding the renewable energy mix of the kingdom significantly, supporting broader targets under NREP to increase the share of clean energy and reduce reliance on fossil-fuel generation.

ACWA Power’s CEO described the agreement as a landmark milestone for the country’s energy transition, highlighting the scale and ambition of the projects under NREP. Badeel’s acting CEO emphasised the investment’s role in strengthening energy sector resilience and enhancing overall economic attractiveness by catalysing growth in local supply chains. SAPCO’s chief of new energies noted the expansion of Aramco’s footprint in renewables as a strategic move aligning with longer-term sustainability and diversification plans.