EDF-SPIC Consortium Hits Financial Close on Two Saudi Solar Projects Totaling 1.4 GW
EDF Power Solutions and China’s SPIC Huanghe, alongside Saudi Aramco Power Company, secure funding for 25-year PPA solar plants in Hail and Madinah provinces
A consortium led by EDF Power Solutions and SPIC Huanghe Hydropower Development Co. (SPIC HHDC), in partnership with Saudi Aramco Power Company (SAPCO), has reached financial close on two major solar-power projects in Saudi Arabia.
The agreement covers the development of the 1,000 MW Al Masa’a plant in Hail province and the 400 MW Al Henakiyah-2 site in Madinah, achieving a combined capacity of 1.4 GW.
Both plants will be developed under 25-year power-purchase agreements (PPAs) with the Saudi Power Procurement Company (SPPC), which will purchase electricity from the independent-power-producer arm of the consortium.
The Al Masa’a project is expected to reach commercial operation by the third quarter of 2027, while the Al Henakiyah-2 facility is scheduled to begin operations in the first quarter of 2027.
Financing for the projects is provided by a mix of local and international institutions, including the Saudi Investment Bank, Bank of China, Société Générale, BNP Paribas, Abu Dhabi Commercial Bank and First Abu Dhabi Bank.
A significant portion of equipment, materials and services during construction will be provided by Saudi domestic suppliers, supporting localisation and employment goals.
Cédric Le Bousse, Executive Vice-President of EDF Power Solutions for Europe, Middle East and Central Asia, said: “Reaching financial close on these two major solar projects represents a significant milestone and demonstrates the continued confidence of financial institutions in Saudi Arabia’s renewable energy sector.
The Al Masa’a and Al Henakiyah-2 projects will further strengthen EDF’s position in the Kingdom, bringing our total renewable capacity to more than 3,500 MW.” He added that the partnership supports Saudi Arabia’s national strategy to drive its energy transition, aligning with both Vision 2030 and the Saudi Green Initiative.
According to project data, once fully operational the two solar plants are expected to deliver enough clean electricity to supply more than 240,000 Saudi households annually and reduce carbon-dioxide emissions by roughly 3 million tonnes per year.
The plants form part of Saudi Arabia’s broader National Renewable Energy Programme, which targets renewables to account for around 50 per cent of electricity generation by 2030.
The partnership underlines the Kingdom’s move to evolve beyond fossil-fuel dependency and build advanced renewable infrastructure in collaboration with international players.
With construction underway, both projects are positioned to bolster Saudi Arabia’s energy-security, localisation of manufacturing and high-growth renewable jobs over the next decade.
The agreement covers the development of the 1,000 MW Al Masa’a plant in Hail province and the 400 MW Al Henakiyah-2 site in Madinah, achieving a combined capacity of 1.4 GW.
Both plants will be developed under 25-year power-purchase agreements (PPAs) with the Saudi Power Procurement Company (SPPC), which will purchase electricity from the independent-power-producer arm of the consortium.
The Al Masa’a project is expected to reach commercial operation by the third quarter of 2027, while the Al Henakiyah-2 facility is scheduled to begin operations in the first quarter of 2027.
Financing for the projects is provided by a mix of local and international institutions, including the Saudi Investment Bank, Bank of China, Société Générale, BNP Paribas, Abu Dhabi Commercial Bank and First Abu Dhabi Bank.
A significant portion of equipment, materials and services during construction will be provided by Saudi domestic suppliers, supporting localisation and employment goals.
Cédric Le Bousse, Executive Vice-President of EDF Power Solutions for Europe, Middle East and Central Asia, said: “Reaching financial close on these two major solar projects represents a significant milestone and demonstrates the continued confidence of financial institutions in Saudi Arabia’s renewable energy sector.
The Al Masa’a and Al Henakiyah-2 projects will further strengthen EDF’s position in the Kingdom, bringing our total renewable capacity to more than 3,500 MW.” He added that the partnership supports Saudi Arabia’s national strategy to drive its energy transition, aligning with both Vision 2030 and the Saudi Green Initiative.
According to project data, once fully operational the two solar plants are expected to deliver enough clean electricity to supply more than 240,000 Saudi households annually and reduce carbon-dioxide emissions by roughly 3 million tonnes per year.
The plants form part of Saudi Arabia’s broader National Renewable Energy Programme, which targets renewables to account for around 50 per cent of electricity generation by 2030.
The partnership underlines the Kingdom’s move to evolve beyond fossil-fuel dependency and build advanced renewable infrastructure in collaboration with international players.
With construction underway, both projects are positioned to bolster Saudi Arabia’s energy-security, localisation of manufacturing and high-growth renewable jobs over the next decade.
