CWA Power has reached financial close on seven giga-scale renewable energy projects in Saudi Arabia in partnership with the Water and Electricity Holding Company (Badeel) and Saudi Aramco Power Company (SAPCO). These developments, under the Kingdom’s National Renewable Energy Program (NREP), include five solar photovoltaic (PV) plants and two wind energy projects, collectively set to deliver 15 GW of clean energy.
The portfolio comprises Bisha (3 GW solar PV in Asir Province), Humaij (3 GW solar PV in Madinah Province), Khulis (2 GW solar PV in Makkah Province), Afif1 and Afif2 (2 GW each in Riyadh Province), Starah (2 GW wind in Riyadh Province), and Shaqra (1 GW wind in Riyadh Province). Ownership will be shared between ACWA Power, Badeel, and SAPCO, with the Saudi Power Procurement Company acting as procurer and off-taker.
Marco Arcelli, CEO of ACWA Power, highlighted the milestone, stating that achieving financial close for this portfolio, which includes the company’s first two wind projects in Saudi Arabia, is a decisive step toward realizing the Kingdom’s renewable energy ambitions. He emphasised that the projects will accelerate energy security, create thousands of jobs, stimulate domestic supply chains, and foster technology transfer through training programs for Saudi talent. “As the largest agreement under the NREP, this landmark collaboration underscores the nation’s commitment to building a more resilient and sustainable energy landscape,” Arcelli said.
Sultan AlNabulsi, Acting CEO at Badeel, described financial close and secured funding for the seven projects as a major milestone, reaffirming Badeel’s role as a leading anchor sponsor under the Public Investment Fund. Waleed Al Saif, Aramco SVP of New Energies, noted that the 15 GW portfolio demonstrates the impact of strong partnerships and shared vision in advancing Saudi Arabia’s renewable objectives and net-zero ambitions.
The projects represent a total investment of US$8.2 bn (SAR 31 bn) and are expected to commence operations between the second half of 2027 and the first half of 2028. With these additions, ACWA Power’s Saudi solar and wind portfolio now includes 21 projects exceeding 34 GW, while its global renewable capacity reaches 51.9 GW. Senior debt financing of US$5.9 bn was provided by a consortium of local, regional, and international banks, including HSBC, First Abu Dhabi Bank, Standard Chartered, and China Construction Bank, supporting the successful delivery of these giga-scale projects.
