RIYADH: A Saudi consortium led by ACWA Power has signed agreements worth SR31 billion ($8.3 billion) to develop seven major solar and wind energy projects with a combined capacity of 15,000 megawatts, the Saudi Press Agency reported on Sunday.
The consortium includes the Water and Electricity Holding Co., a subsidiary of the Public Investment Fund, and Aramco Power, which is owned by Saudi Aramco. The deals were signed in the presence of Energy Minister Prince Abdulaziz bin Salman and fall under the National Renewable Energy Program, overseen by the Ministry of Energy.
Five of the new projects are photovoltaic solar initiatives, including the Bisha Project in the Asir region and the Humaij Project in Madinah, each with a capacity of 3,000 MW. The Khulis Project in Makkah will generate 2,000 MW, while the Afif 1 and Afif 2 projects, both located in the Riyadh region, will add another 4,000 MW combined.
In addition, two wind energy projects will be developed in Riyadh: the 2,000 MW Starah Project and the 1,000 MW Shaqra Project.
The agreements mark the largest single-phase capacity signed globally for renewable energy projects.
They underscore the Kingdom’s ongoing commitment to expanding its renewable energy infrastructure and its ability to deliver electricity at globally competitive costs.
This achievement reflects strong investor confidence and the success of Saudi Arabia’s financing and development strategies in the energy sector.
