Saudi Arabia’s state-owned power procurement company, Principal Buyer, has entered agreements worth SR31bn ($8.3bn) with a consortium led by ACWA Power for the development of seven new solar and wind power projects with a combined capacity of 15GW. The ventures are part of the National Renewable Energy Programme overseen by the Ministry of Energy, and aim to strengthen the country’s renewable energy infrastructure.

The consortium includes the Water and Electricity Holding Company, owned by the Public Investment Fund, and Saudi Arabia’s Aramco Power. It will develop three photovoltaic solar projects, namely the 3 GW Bisha project in the Asir region, the 3 GW Humaij project in the Madinah region and the 2 GW Khulis project in the Makkah region. The Afif 1 and Afif 2 projects in the Riyadh region, with a cumulative capacity of 4 GW, will also be developed.

Wind energy projects include the 2 GW Starah project and the 1 GW Shaqra project in the Riyadh region.

This collective agreement marks the largest-ever single-phase commitment to renewable energy development internationally and underscores Saudi Arabia’s commitment to leading on climate action through affordable electricity production while simultaneously raising investor confidence within its borders.

The company has initiated renewable electricity generation projects with a combined capacity of 43.213 GW to date.

In November 2024, the Saudi Power Procurement Company finalised power purchase agreements with five independent power producer ventures encompassing thermal and solar photovoltaic energy initiatives, collectively contributing a significant 9.2 GW to the grid.

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