Generation
Saudi Arabia Commits $8.3 Billion to Renewables in Energy Strategy Push
In a landmark step towards sustainable energy, Saudi Arabia has signed power purchase agreements for the development of five major solar photovoltaic (PV) plants and two wind energy projects.
The $8.3 billion (SAR 31 billion) investment—led by ACWA Power, Badeel, and Saudi Aramco Power Company (SAPCO)—will deliver a combined generation capacity of 15,000 MW, supporting the Kingdom’s National Renewable Energy Programme (NREP).
Administered by the Ministry of Energy, the NREP aims to generate 70% of Saudi Arabia’s renewable energy capacity by 2030. The new projects are spread across multiple provinces and are expected to begin contributing to the national grid by 2028.
ACWA Power CEO Marco Arcelli stated that the agreements represent a significant milestone for Saudi Arabia’s clean energy ambitions, while partners Badeel and SAPCO emphasised the strategic role these developments play in enhancing energy resilience and economic growth.
The projects are also a key pillar of the Public Investment Fund’s (PIF) broader mandate to diversify the economy and enable the private sector. ACWA Power’s renewable portfolio in the Kingdom now includes 21 projects, with a total capacity exceeding 34 GW.
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