ACWA Power reaches financial close on $8.2 billion in Saudi renewables projects

RIYADH, December 1, 2025 – Saudi Arabia’s ACWA Power, together with partners Saudi Aramco Power Company (SAPCO) and PIF-owned Badeel, have achieved financial close on seven solar and wind projects worth a combined USD 8.2 billion in investments, ACWA Power announced on Thursday.

The partners have secured USD 5.9 billion in senior debt financing from a consortium of Saudi and international banks for five solar PV plants and two wind projects for a total of 15 GW, to be developed in several Saudi provinces.

The solar PV projects covered by the financing are Bisha (3 GW, in Asir province), Humaij (3 GW, in Madinah Province), Khulis (2 GW, in Makkah province), Afif 1 (2 GW, in Riyadh province) and Afif 2 (2 GW, in Riyadh province), while the wind projects are the 2-GW Starah and 1-GW Shaqra farms, both in Riyadh province.

“Achieving financial close for this portfolio of renewable energy projects under the National Renewable Energy Program, including our first two wind projects in Saudi Arabia, marks a decisive step forward. As the largest agreement under the NREP, this landmark collaboration underscores the nation’s steadfast commitment to building a more resilient and sustainable energy landscape,” said Marco Arcelli, CEO of ACWA Power.

ACWA Power, SAPCO and Badeel will jointly own the assets, with the Saudi Power Procurement Company acting as the sole procurer and power offtaker. The projects are projected to become operational in H2 2027 and H1 2028.

Following the financial close of the deal, ACWA Power’s renewable portfolio in Saudi Arabia now totals 21 projects and more than 34 GW in capacity. On its part, through Badeel, PIF is sponsoring renewables projects for a total of 28.6 GW in generation capacity, representing more than USD 17 billion in investments.

Photo of Sakaka PV IPP courtesy of ACWA Power

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