SUBSCRIBE
PROFILE

ACWA Power and Aramco secure $8.2bn financing for 15 GW renewable projects

ACWA Power, Badeel and SAPCO have secured $8.2bn in financing to develop seven solar and wind power plants with a combined capacity of 15 GW in Saudi Arabia, under the national programme overseen by the Ministry of Energy.

Share:

Comprehensive energy news coverage, updated nonstop

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access • Archives included • Professional invoice

SUBSCRIBE - 99$/year

OTHER ACCESS OPTIONS

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

FREE ACCOUNT

3 articles offered per month

FREE

*Prices are excluding VAT, which may vary depending on your location or professional status

Since 2021: 35,000 articles • 150+ analyses per week

The consortium formed by ACWA Power, Badeel – a company owned by the Public Investment Fund (PIF) – and Saudi Aramco Power Company (SAPCO), a wholly owned subsidiary of Aramco, has announced the financial close of a major energy portfolio. Valued at $8.2bn (SAR31bn), the operation will support the development of five solar photovoltaic plants and two wind farms across Saudi Arabia, with a total installed capacity of 15 GW.

A geographically diversified portfolio

The solar projects will be located in Bisha (3 GW) in Asir Province, Humaij (3 GW) in Madinah Province, Khulis (2 GW) in Makkah Province, and Afif (4 GW split between Afif1 and Afif2) in Riyadh Province. The wind projects will be developed in Starah (2 GW) and Shaqra (1 GW), also in Riyadh Province. All assets will be jointly owned by ACWA Power, Badeel and SAPCO. The electricity produced will be sold to the Saudi Power Procurement Company, acting as sole off-taker.

A strategic lever for Saudi Arabia’s energy ambitions

These assets are part of the National Renewable Energy Program (NREP), led by the Ministry of Energy, which aims to achieve 70% of renewable generation capacity through the PIF by 2030. Commissioning is scheduled for the second half of 2027 and the first half of 2028. With these new developments, Badeel and its partners now manage a total renewable portfolio of 28.6 GW, supported by more than $17bn (SAR63.75bn) in investments.

A multi-source banking syndicate

The financing includes $5.9bn in senior debt raised from a banking consortium composed of Saudi, regional and international institutions. Lenders include Bank of China, HSBC Bank Middle East, KfW IPEX-Bank GmbH, Société Générale, Standard Chartered Bank, Industrial and Commercial Bank of China, as well as Alinma Bank, Saudi Awwal Bank and Emirates NBD Bank. This financing structure highlights market confidence in the business model of these long-term energy assets.

Expansion of ACWA Power’s local portfolio

With the addition of these projects, ACWA Power’s renewable portfolio in Saudi Arabia now includes 21 assets, totalling over 34 GW in combined capacity. Globally, the company holds a 51.9 GW renewable energy portfolio. This expansion reinforces its position as a key player in the regional energy sector, based on equity partnerships and long-term power purchase agreements.

  • Popular on energynews.pro
North Atlantic France Takes Control of Esso S.A.F. and Renames the Company
Canadian Solar commissions 20 MWAC solar plant in Japan under 25-year virtual PPA
European Energy invests in the largest battery system in the Nordic countries
AfDB grants $7.41mn to Liberia to complete hydroelectric power plant
Imperial Petroleum raises $60mn through direct share and warrant offering
Antin plans to sell Idex, valued up to €4 bn, by 2026
Antin Infrastructure Partners is preparing to sell Idex in early 2026, with four North American funds competing for a strategic asset in the European district heating market.
EDF considers selling its US renewables to finance domestic nuclear programme
EDF could sell up to 100% of its US renewables unit, valued at nearly €4bn ($4.35bn), to focus on French nuclear projects amid rising debt and growing political uncertainty in the United States.
Hydro to close five European extrusion sites to strengthen competitiveness
Norsk Hydro plans to shut down five extrusion plants in Europe in 2026, impacting 730 employees, as part of a restructuring aimed at improving profitability in a pressured market.
Dalkia wins control of Paris district heating network in €15bn, 25-year deal
The City of Paris has awarded Dalkia the concession for its urban heating network, a €15bn contract, ousting long-time operator Engie after a five-year process.
NU E Power finalises acquisition of 500 MW in assets and appoints new CEO
NU E Power Corp. completed the purchase of 500 MW in energy assets from ACT Mid Market Ltd. and appointed Broderick Gunning as Chief Executive Officer, marking a new strategic phase for the company.
BB Energy restructures Houston operations and cuts oil trading staff
Commodities trader BB Energy has cut over a dozen jobs in Houston and will shift some administrative roles to Europe as part of a strategic reorganisation.
Ferrari signs ten-year contract with Shell for green electricity supply
Ferrari has entered into an agreement with Shell for the supply of 650 GWh of renewable electricity until 2034, covering nearly half of the energy needs of its Maranello site.
Iberdrola reshapes its portfolio to become a leader in transatlantic regulated networks
By divesting assets in Mexico, France and Eastern Europe, Iberdrola reduces exposure to non-strategic markets to strengthen its positions in regulated networks in the United Kingdom, the United States and Brazil, following a targeted capital reallocation strategy.
Iberdrola launches a public offer to acquire 100% of Neoenergia in Brazil
Iberdrola offers to buy the remaining 16.2% of Neoenergia for 32.5 BRL per share, valuing the transaction at approximately €1.03bn to simplify its Brazilian subsidiary’s structure.
Paratus receives $38mn payment in Mexico through government fund
Paratus Energy Services collected $38mn via its subsidiary Fontis Energy for overdue invoices in Mexico, supported by a public fund aimed at stabilising supplier payments.
CrossBoundary Energy raises $200mn with Standard Bank and MIGA guarantee for industrial projects in Africa
CrossBoundary Energy secures a $200mn multi-project debt facility, backed by Standard Bank and a $495mn MIGA guarantee, to supply solar and storage solutions for industrial and mining clients across up to 20 African countries.
Mercuria raises $2.3bn to strengthen its energy presence in Asia
Mercuria finalises an Asian syndicated loan refinancing with a 35% increase from 2024, consolidating its strategic position in the region.
Major US companies increase their presence at COP30 despite Washington
Sixty Fortune 100 companies are attending COP30, illustrating a growing disconnect between federal US policy and corporate strategies facing international climate regulations.
Tanmiah launches geothermal poultry site and signs three strategic energy agreements
Tanmiah Food Company signed three memorandums of understanding to reduce its emissions and launched the region’s first poultry facility cooled by geothermal energy, in alignment with Saudi Arabia’s industrial ambitions.
Subsea7 reports 27% increase in adjusted EBITDA in third quarter
Subsea7 posted higher operating profit and a record order backlog, supported by long-term contracts in the Subsea and Renewables segments.
Adnoc strengthens ties with China through new energy deals in Shanghai
Adnoc signed multiple agreements with Chinese groups during CIIE, expanding commercial exchange and industrial cooperation with Beijing in oil, gas and petrochemical materials.
Cenovus raises $2.6bn in bonds and announces debt buyback
Cenovus Energy completed a $2.6bn cross-border bond issuance and plans to repurchase over $1.7bn in maturing notes as part of active debt management.
Siemens Energy invests €2bn in transformer plants to secure growth
The German group is concentrating its industrial investments on Grid Technologies to expand capacity in a strained market, while maintaining an ambitious shareholder return programme.
Enerfip acquires Lumo and exceeds 50% market share in France
Enerfip completes its first external growth operation by acquiring Lumo from Société Générale, consolidating its position in France’s energy-focused crowdfunding market.
Schneider Electric signs $1.9bn deal to cool AI data centres
French group Schneider Electric will supply Switch with cooling and power systems for a major project in the United States, as energy demand driven by artificial intelligence intensifies.

All the latest energy news, all the time

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access - Archives included - Pro invoice

START - 99$/year

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

*Prices shown are exclusive of VAT, which may vary according to your location or professional status.

Since 2021: 30,000 articles - +150 analyses/week.