By: Energetica India

Saudi Arabia has signed seven new Power Purchase Agreements (PPAs) totaling 15,000 MW of renewable energy capacity, comprising five solar and two wind projects.

The signing ceremony, attended by Prince AbdulAziz bin Salman Al Saud, Minister of Energy, marked the world’s largest single-phase commitment to renewable energy projects to date.

The agreements were inked between the Saudi Power Procurement Company (SPPC) and a developer consortium led by ACWA Power, along with Badeel (a PIF-owned entity) and Saudi Aramco Power Company (SAPCO), Aramco’s renewables arm. Collectively, the projects will see an investment exceeding SAR 31 billion (USD 8.3 billion), under the National Renewable Energy Program (NREP), supervised by the Ministry of Energy.

The solar photovoltaic plants include the 3 GW Bisha project in Asir, 3 GW Humaij in Madinah, 2 GW Khulis in Makkah, and 4 GW across Afif 1 and 2 in Riyadh. On the wind front, the 2 GW Starah and 1 GW Shaqra projects, both located in Riyadh, round out the total 15 GW capacity. The plants are scheduled to become operational between the second half of 2027 and early 2028, with financial closure expected by Q3 2025.

ACWA Power CEO Marco Arcelli described the agreements as “a significant milestone in Saudi Arabia’s strategic vision for a more resilient and sustainable energy landscape.” Badeel Acting CEO Sultan AlNabulsi echoed the sentiment, emphasizing the role of the agreements in strengthening Saudi Arabia’s energy resilience and diversifying the economy in line with Vision 2030.

Aramco’s SVP of New Energies, Waleed Al Saif, highlighted the company’s deepening investment in renewables, stating, “Through such investments, we aim to unlock additional value from Saudi Arabia’s abundant natural resources and grow Aramco’s New Energies portfolio.”

These projects will push ACWA Power’s total renewable energy capacity to nearly 52 GW globally, with 21 of those projects located within Saudi Arabia and totaling 34 GW. Along with previous collaborations such as Sudair and Shuaibah 2, the ACWA Power–Badeel–SAPCO trio now sponsors over 28.6 GW of renewable capacity backed by SAR 63.75 billion (USD 17 billion) in investments.

The move reflects Saudi Arabia’s strengthened ambition to lead the global clean energy space, aiming to deploy 100–130 GW of solar PV capacity by 2030 and attract USD 235 billion in clean energy investment, according to Goldman Sachs.