Riyadh-based ACWA Power has clinched a significant agreement with the Saudi Power Procurement Company (SPPC) to develop and operate three expansive solar projects in Saudi Arabia. The deal, totaling SAR 12.3 billion, will see ACWA Power constructing solar facilities with a combined capacity of 5.5 GW, aimed at bolstering the kingdom's renewable energy sector.
According to ACWA Power's stock market filing today, the projects—Haden, Muwayh, and Al Khushaybi—are set to be completed by the first half of 2027. These solar plants, located strategically in Saudi Arabia's western and northern regions, are pivotal in the nation's efforts to diversify its energy sources.
“Investing in these solar projects underscores our commitment to sustainable energy development in Saudi Arabia,” said ACWA Power in a statement.
Badeel, a wholly owned entity of Saudi Arabia's Public Investment Fund (PIF), holds a 34.9% equity stake in each of the three project companies, reflecting strong local support for renewable energy initiatives.
