A consortium led by Acwa Power, Water and Electricity Holding Co. (Badeel) and Saudi Aramco Power Co. has secured a $5.9 billion senior debt facility for seven renewable energy projects in Saudi Arabia, totaling 15 GW of solar and wind energy.
Riyadh-based Acwa Power, Water and Electricity Holding Company (Badeel) and Saudi Aramco Power Company have announced the financial close of five solar power projects and two wind power projects in Saudi Arabia.
The seven projects, representing 15 GW of new capacity, have secured a senior debt facility totaling $5.9 billion, financed by local, regional and international banks.
Acwa Power names the lenders as 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 GmbH, Mizuho Bank, Natixis, Piraeus Bank, Saudi Awwal Bank, Saudi National Bank, Société Générale, Standard Chartered Bank Limited and Sumitomo Mitsui Trust Bank.
The solar projects featured are the 2 GW Afif1 and 2 GW Afif2 sites in Riyadh province, the 3 GW Bisha project in the southern Aseer region, the 3 GW Humaji project in the western Medina region and the 2 GW Khulis project in the western Mecca region.
Power purchase agreements were signed between the Acwa-led consortium and the Saudi Power Procurement Company (SPPC) for each project. in Julywith levelized electricity costs (LCOE) ranging between SAR 0.047 ($0.013)/kWh and SAR 0.051/kWh.
The projects, implemented under Saudi Arabia’s National Renewable Energy Program (NREP).are expected to become operational in the second half of 2027 and the first half of 2028.
Marco Arcelli, CEO of Acwa Power, says the sites will potentially create thousands of jobs, boost domestic supply chains and enable significant technology transfer to Saudi talent through dedicated training programs. “As the largest agreement under the NREP, this groundbreaking collaboration underlines the country’s steadfast commitment to building a more resilient and sustainable energy landscape,” he added.
According to data available on SPPC’s website, renewable capacity connected to the Saudi electricity grid is expected to reach 12.7 GW by the end of 2025 and surpass 20 GW by the end of next year. According to figures from the International Renewable Energy Agency (IRENA), the country’s cumulative solar capacity reached 4.2 GW at the end of 2024.
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