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Saudi Arabia has signed power purchase agreements (PPAs) worth $8.3bn for seven renewable energy projects with a total capacity of 15 GW on Sunday, July 12, representing the largest capacity globally signed for renewable energy projects in a single phase.
ACWA Power leads the consortium as main developer, partnering with the Public Investment Fund-owned Water and Electricity Holding Company (Badeel) and Aramco Power, a subsidiary of Saudi Aramco, in the presence of Energy Minister Prince Abdulaziz bin Salman.
The projects include five photovoltaic solar plants: the 3,000-MW Bisha project in Aseer, a 3,000-MW development in Madinah, the 2,000-MW Khulais project in Makkah and the 2,000-MW Afif 1 and Afif 2 projects in Riyadh.
Wind energy projects comprise the 2,000-MW Starah development and the 1,000-MW Shaqra project, both in Riyadh region.
The agreements form part of Saudi Arabia's National Renewable Energy Programme, with Principal Buyer, the state-owned power procurement company, responsible for preparing feasibility studies and tendering electricity generation projects.
Principal Buyer has launched renewable electricity generation projects with 43,000 MW of total capacity, signed PPAs for 38,000 MW of projects and connected 10,200 MW to the national grid.
Grid-connected capacity is expected to reach 12,700 MW by the end of 2025 and exceed 20,000 MW by the end of 2026.
ACWA Power operates across 14 countries in the Middle East, Africa, Central and Southeast Asia, with a portfolio of 101 power generation and water desalination projects worth approximately $107.5bn.
The company aims to triple its assets under management to $250bn by 2030, including plans to invest up to $30bn in China's renewable energy market.
Saudi Arabia targets building up to 130,000 MW of renewable capacity by 2030 as part of its economic diversification strategy under Vision 2030.
Renewable energy generation in the Middle East is forecast to grow approximately 14% annually until 2027, with its share of the overall energy mix rising from 5% to 7%.
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