ACWA Power signs $8.3bln PPAs for 15GW renewable energy projects in Saudi Arabia

Zawya

18-07-2025

ACWA Power, the Saudi-listed developer and operator of power, water and green hydrogen projects, has signed 25-year Power Purchase Agreements (PPAs) for 7 solar and wind energy projects in Saudi Arabia totaling 31.1 billion Saudi riyals ($8.3 billion).
The agreements, representing a total combined capacity of 15 gigawatts (GW), were signed with the Saudi Power Procurement Company (SPPC), the company said in two separate stock exchange statements.
Solar projects
ACWA Power signed PPAs worth SAR 22.5 billion for 5 solar PV projects with a total combined capacity of 12 GW.
Afif1, Afif2, Humaij, Bisha and Khulis solar PV plants, located in the central, western and southern regions of Saudi Arabia have production capacities of 2,000 MW, 2,000MW, 3,000MW, 3,000MW and 2,000MW respectively.
Agreements were entered by the project companies: Afif One Renewable Energy Company, Afif Two Renewable Energy Company, Humaij One Renewable Energy Company, Bisha One Renewable Energy Company and Khulis One Renewable Energy Company.
Wind projects
ACWA Power also signed 25-year PPAs worth SAR 8.6 billion for two large-scale wind power projects with a total capacity of 3GW. These are:
1. Starah (STR), located in the central region, with a production capacity of 2,000MW.
2. Shaqra (SHQ), located in the central region, with a production capacity of 1,000MW.
The PPAs were signed by the project companies, Starah First Renewable Energy Company and Shaqra First Renewable Energy Company.
Each project company for the solar and wind projects is jointly owned by ACWA Power, Badeel (a subsidiary of the Public Investment Fund), and Saudi Aramco Power Company, with ownership stakes of 35.1 percent, 34.9 percent, and 30 percent respectively.
(Writing by SA Kader; Editing by Anoop Menon)
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