Saudi Arabia Finalises Financing for 15 GW Renewables Push — 12 GW Solar and 3 GW Wind Under Way
ACWA Power-led consortium secures financing and PPAs to deliver the Kingdom’s largest single-phase clean-energy roll-out
Saudi Arabia has taken a major step forward in its energy transition with the financial close of seven utility-scale renewable projects, amounting to 15 gigawatts of new capacity.
The consortium — led by ACWA Power and joined by Badeel (the Public Investment Fund vehicle for water and electricity) and Saudi Aramco Power Company (SAPCO) — secured roughly five point nine-billion US dollars in senior debt financing from regional and international banks, paving the way for construction in the coming months.
The seven-project package comprises five solar photovoltaic plants delivering 12 GW, and two wind farms adding 3 GW. Under power purchase agreements signed with the Saudi Power Procurement Company (SPPC), these projects will supply clean electricity to the national grid under the framework of the Kingdom’s National Renewable Energy Programme (NREP), advancing goals set out under Saudi Vision 2030.
Construction is slated to begin soon, with commercial operations expected between the second half of 2027 and the first half of 2028. With this addition, ACWA Power’s domestic renewable portfolio rises to more than 34 GW, while its global renewables footprint expands further.
Saudi officials hailed the agreement as a landmark milestone in the Kingdom’s drive to reduce carbon emissions, expand energy supply diversity, and attract international capital.
The projects are expected to contribute substantially to national ambitions of sourcing half of electricity output from renewables by 2030 and aligning with long-term environmental targets.
The refinancing and commitment send a strong signal to global markets: Saudi Arabia is transforming from a fossil-fuel-centred power system toward a model built on sustainable energy infrastructure — offering a template for other oil-producing nations seeking energy diversification and climate-resilient development.
The consortium — led by ACWA Power and joined by Badeel (the Public Investment Fund vehicle for water and electricity) and Saudi Aramco Power Company (SAPCO) — secured roughly five point nine-billion US dollars in senior debt financing from regional and international banks, paving the way for construction in the coming months.
The seven-project package comprises five solar photovoltaic plants delivering 12 GW, and two wind farms adding 3 GW. Under power purchase agreements signed with the Saudi Power Procurement Company (SPPC), these projects will supply clean electricity to the national grid under the framework of the Kingdom’s National Renewable Energy Programme (NREP), advancing goals set out under Saudi Vision 2030.
Construction is slated to begin soon, with commercial operations expected between the second half of 2027 and the first half of 2028. With this addition, ACWA Power’s domestic renewable portfolio rises to more than 34 GW, while its global renewables footprint expands further.
Saudi officials hailed the agreement as a landmark milestone in the Kingdom’s drive to reduce carbon emissions, expand energy supply diversity, and attract international capital.
The projects are expected to contribute substantially to national ambitions of sourcing half of electricity output from renewables by 2030 and aligning with long-term environmental targets.
The refinancing and commitment send a strong signal to global markets: Saudi Arabia is transforming from a fossil-fuel-centred power system toward a model built on sustainable energy infrastructure — offering a template for other oil-producing nations seeking energy diversification and climate-resilient development.
