ACWA Power, the world's largest private water desalination company; water and electricity holding company Badeel, a wholly owned company of PIF; and Saudi Aramco Power Co. (SAPCO), a wholly owned subsidiary of Aramco, have achieved financial close for the development of seven giga-scale projects in Saudi Arabia. The projects include five solar photovoltaic (solar PV) plants and two wind energy projects.
With a total investment value of $8.2 billion, the seven new projects are expected to have a combined capacity of 15 gigawatts of renewable power. The $5.9 billion senior debt financing for the plants was funded by a consortium of local, regional and international banks. The projects are expected to be operational in the second half of 2027 and the first half of 2028.
The Bisha, Humaij, Khulis, Afif1, Afif2, Starah and Shaqra plants are an important component in Saudi Arabia’s National Renewable Energy Program and are reflected in PIF’s commitment to develop 70 perc
