ACWA Power, Badeel, and SAPCO achieve US$8.2 billion financial close on renewables portfolio

As part of Saudi Arabia’s National Renewable Energy Program (NREP), the seven new renewable energy plants include Bisha (3 GW solar PV, located in Asir Province), Humaij (3 GW solar PV, located in Madinah Province), Khulis (2 GW solar PV, located in Makkah Province), Afif1 (2 GW solar PV, located in Riyadh Province), Afif2 (2 GW solar PV, located in Riyadh Province), Starah (2 GW wind, located in Riyadh Province), and Shaqra (1 GW wind, located in Riyadh Province). They will be jointly owned by ACWA Power, Badeel , and SAPCO, with the Saudi Power Procurement Co. as the procurer and off-taker for the projects.

Marco Arcelli, CEO of ACWA Power, commented: “Achieving financial close for this portfolio of renewable energy projects under the NREP, including our first two wind projects in Saudi Arabia, marks a decisive step forward in realising Saudi Arabia’s ambitious renewable goals. With this milestone, we are accelerating towards bringing these giga-scale projects to life, which directly contribute to energy security in the Kingdom of Saudi Arabia. Beyond lower-carbon power generation, these projects will potentially create thousands of jobs, stimulate domestic supply chains, and enable significant technology transfer to Saudi talent through dedicated training programmes. As the largest agreement under the NREP, this landmark collaboration underscores the nation’s steadfast commitment to building a more resilient and sustainable energy landscape.”

Sultan AlNabulsi, Acting CEO at Badeel, added: “Reaching financial close and securing funding for the seven landmark projects marks a major milestone in Badeel’s journey as an anchor sponsor in the renewable energy projects mandated under the Public Investment Fund, reaffirming our commitment to advancing Saudi Arabia’s renewable energy ambitions. This achievement reinforces Badeel’s position as a reliable renewables platform and strengthens the confidence in its long-term value-creation capability.”

Waleed Al Saif, Aramco SVP of New Energies, noted: “The financial close for such giga-scale solar and wind projects marks a significant step forward towards the Kingdom’s objectives under the NREP. This 15 GW portfolio, featuring some of the largest renewable developments in the region, is a demonstration of what may be accomplished through strong partnership and a shared vision. This achievement not only reinforces our dedication to a diversified energy future, but also supports the journey toward our net-zero ambitions.”

With a total investment value of US$8.2 billion (SAR 31 billion), the seven new projects are expected to have a combined capacity of 15 GW of renewable power. They are an important component in Saudi Arabia’s NREP, led and supervised by the Ministry of Energy, and are reflected in PIF’s commitment to develop 70% of Saudi Arabia’s Renewable Energy Target Capacity by 2030. The projects are expected to be operational in 2H27 and 1H28.

PIF, through Badeel, and its partners are currently sponsoring several projects with a total cumulative capacity of 28.6 GW, involving more than US$17 billion (SAR 63.75 billion) in investments. These joint projects, which also include Haden, Muwayh, Al Khushaybi, Sudair, Shuaibah 2, Ar Rass 2, Al Kahfah, and Saad 2, enable and support the local private sector through domestic supply chain participation. With the addition of these new projects, ACWA Power’s solar and wind portfolio in Saudi Arabia now stands at 21 projects, representing more than 34 GW of combined renewable capacity. It also brings ACWA Power’s total renewable capacity portfolio to 51.9 GW.

The US$5.9 billion senior debt financing for the Bisha, Humaij, Khulis, Afif1, Afif2, Starah, and Shaqra plants was funded by a consortium of local, regional, and international banks, including Ajman Bank, Al Masraf, Alinma Bank, Arab National Bank, Bank of China, China Construction Bank, China Minsheng Bank, Emirates NBD Bank, Eurobank, First Abu Dhabi Bank, HSBC Bank Middle East Ltd, Industrial and Commercial Bank of China Ltd, KfW IPEX-Bank GmbH, Mizuho Bank, Natixis, Piraeus Bank, Saudi Awwal Bank, Saudi National Bank, Société Générale, Standard Chartered Bank Ltd, and Sumitomo Mitsui Trust Bank.

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