ACWA Power, together with Water and Electricity Holding Company (Badeel), a wholly owned company of PIF, and Saudi Aramco Power Company (SAPCO), has completed the financing process for seven large-scale renewable energy projects in Saudi Arabia. The projects will be jointly owned by ACWA Power, Badeel, and SAPCO, with the Saudi Power Procurement Company serving as the procurer as well as the offtaker. The combined renewable capacity for these projects totals 15,000 MW and is backed by an overall investment of $8.2 billion. Commercial operations are targeted for the second half of 2027 and the first half of 2028.
The portfolio includes five solar plants and two wind projects under the National Renewable Energy Programme, led and supervised by the Ministry of Energy. These projects are located across Asir, Madinah, Makkah, and Riyadh provinces, with capacities of 3,000 MW solar at Bisha, 3,000 MW solar at Humaij, 2,000 MW solar at Khulis, 2,000 MW solar at Afif1, 2,000 MW solar at Afif2, 2,000 MW wind at Starah, and 1,000 MW wind at Shaqra. A debt financing package worth $5.9 billion has been arranged for the Bisha, Humaij, Khulis, Afif1, Afif2, Starah, and Shaqra projects.
The funding was provided by a group of local, regional, and international lenders, including institutions from the Middle East, Europe, and Asia. The consortium comprises Ajman Bank, Al Masraf, Alinma Bank, Arab National Bank, Bank of China, China Construction Bank, China Minsheng Bank, Emirates NBD Bank, Eurobank, First Abu Dhabi Bank, HSBC Bank Middle East Limited, Industrial and Commercial Bank of China Limited, KfW IPEX-Bank, Mizuho Bank, Natixis, Piraeus Bank, Saudi Awwal Bank, Saudi National Bank, Société Générale, Standard Chartered Bank, and Sumitomo Mitsui Trust Bank.
