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.
