Saudi Seals Financing for 15-GW Renewables Push

By Simon West

ACWA Power and partners Badeel and Saudi Aramco Power Company (SAPCO) have announced financial close on seven giga-scale renewable projects across Saudi Arabia.

The projects comprise five solar PV facilities and two wind power plants boasting a combined capacity of 15 gigawatts (GW), said ACWA Power, the world’s largest privately-owned desalination company and a major player in green hydrogen.

The total investment value of the projects is US$8.2 billion.

SAPCO is a subsidiary of Saudi state energy giant Aramco, while Badeel is owned by the kingdom’s public investment fund, the PIF. The Saudi Power Procurement Company (SPPC) is the procurer and the off taker for the seven projects.

The solar projects include the 3-GW Bisha plant in Asir, the 3-GW Humaij project in Madinah, the 2-GW Khulis plant in Makkah and two 2-GW facilities — Afif1 and Afif2 — in Riyadh Province. Wind power will come from the 2-GW Starah project and the 1-GW Shaqra site, both also located in Riyadh Province.

The projects, a key part of the energy ministry’s National Renewable Energy Program, are slated to start operations in the second half of 2027 and the first half of 2028.

“With this milestone, we are accelerating towards bringing these giga-scale projects to life, which directly contribute to energy security in the kingdom,” said Marco Arcelli, CEO of ACWA Power.

“Beyond lower-carbon power generation, these projects will potentially create thousands of jobs, stimulate domestic supply chains, and enable significant technology transfer to Saudi talent through dedicated training programs.”

Aramco is a member of the Breakbulk Global Shipper Network, an extensive networking platform for executives operating at the top end of the project supply chain in sectors such as oil and gas, energy and renewables, mining and minerals, construction, forestry, industrial manufacturing and aerospace.

The next in-person meet-up for BGSN members will be at Breakbulk Middle East 2026 on 4-5 Feb in Dubai.