Saudi companies ACWA Power, Badeel (a wholly-owned subsidiary of the Public Investment Fund), and Saudi Aramco Power Company (SAPCO) have announced the successful financing of solar photovoltaic projects in Saudi Arabia valued at 12 billion Saudi riyals ($3.2 billion), according to local news outlets.
The projects, with a total capacity of 5.5 gigawatts, are part of Saudi Arabia’s National Renewable Energy Program and align with the Public Investment Fund’s commitment to meet 70% of the country’s clean energy goals by 2030.
Two of the projects, named Haden (2 GW) and Muwayh (1.5 GW) will be located in the Mecca region, while the Al-Khushaybi project (2 GW) is situated in the Qassim region. Commercial operations for these three projects are expected to begin in the first quarter of 2027.
“Successfully concluding the financing of these significant projects brings us closer to realizing Saudi Arabia’s long-term ambitions,” ACWA Power’s CEO Marco Arcelli said.