Saudi Arabia has signed power purchase agreements (PPAs) worth $8.3 billion for seven renewable energy projects totaling 15 GW — marking the largest single-phase capacity ever contracted worldwide for renewables.
Led by ACWA Power, the consortium includes the Public Investment Fund’s Badeel and Aramco Power, with the signing attended by Energy Minister Prince Abdulaziz bin Salman.
The projects feature five photovoltaic solar plants — including 3,000 MW developments in Aseer and Madinah, 2,000 MW projects in Makkah and Riyadh, plus two wind farms in Riyadh’s region, the 2,000 MW Starah and 1,000 MW Shaqra projects.
These agreements fall under Saudi Arabia’s National Renewable Energy Programme, with the state-owned Principal Buyer overseeing feasibility, tenders, and contracts. To date, the entity has launched 43,000 MW of projects, signed PPAs for 38,000 MW, and connected 10,200 MW to the national grid — a figure expected to surpass 12,700 MW by end-2025 and 20,000 MW by end-2026.
ACWA Power, active in 14 countries, manages over $107.5 billion in power and water projects and aims to grow its assets to $250 billion by 2030, with plans to invest up to $30 billion in China’s renewable market.
As part of Vision 2030, Saudi Arabia targets 130,000 MW of renewable capacity, supporting its diversification agenda. Regional renewable generation is forecast to grow by 14% annually through 2027, with its energy mix share rising from 5% to 7%.
Source: Intellinews.com
