ACWA Power-Led Consortium Signs $8.3 Billion Deal for 15 GW of Renewables in Saudi Arabia

Researched by Industrial Info Resources (Sugar Land, Texas)--Saudi Arabia has taken a major step forward in its ambitious Vision 2030 energy transformation, with an ACWA Power (Riyadh, Saudi, Arabia)-led consortium sealing a landmark US$8.3 billion agreement to deliver 15 gigawatts (GW) of new renewable energy capacity.

The consortium -- comprising ACWA Power, the Water and Electricity Holding Company (Badeel) (Riyadh), a subsidiary of the Public Investment Fund (PIF), and Saudi Aramco Power Company (SAPCO) (Dhahran, Saudi Arabia) -- will develop seven large-scale projects across the kingdom. The rollout includes five solar photovoltaic (PV) plants: Bisha and Humaij, each with 3 GW capacity, and Khulis, Afif1, and Afif2, each adding 2 GW. Two wind farms, Starah (2 GW) and Shaqra (1 GW), are also planned. Operations are expected to commence progressively from the second half of 2027 through early 2028.

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The deal expands the consortium's total renewable portfolio to an impressive 28.6 GW, covering key developments like Haden, Muwayh, Al Khushaybi, Sudair, Shuaibah, Ar Rass 2, Al Kahfah, and Saad 2. The projects support the PIF's mandate to supply 70% of Saudi Arabia's renewable energy capacity by 2030 -- a cornerstone of the kingdom's drive to diversify its energy mix and build a sustainable future.

Beyond boosting domestic clean power generation, the agreement signals a powerful commitment to economic diversification and environmental stewardship. It aligns with Saudi Arabia's wider goals of achieving carbon neutrality by 2030 and net-zero emissions by 2060. The ACWA Power, Badeel,and SAPCO partnership stands as a model for accelerating Saudi Arabia's green energy ambitions and positioning it as a global leader in renewable power.

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