Saudi Arabia Signs $8.3 Billion Renewable Energy Deals

The Saudi Power Procurement Company (SPPC) has signed SAR31 billion ($8.3 billion) in power purchase agreements with a consortium led by Acwa Power for seven new renewable energy projects.

Part of the National Renewable Energy Program, the projects will add 15,000MW of capacity through five solar plants in Aseer, Madinah, Makkah, and Riyadh, and two wind farms in Riyadh. Partners include Badeel (a PIF subsidiary) and Aramco Power.

SPPC said this marks the largest single-phase renewable capacity awarded globally. The company has launched over 43,000MW in renewable projects, with more than 10,000MW already connected to the grid and further expansion expected by 2026.