Saudi Arabia has signed agreements worth more than USD 8.3 billion for seven renewable energy projects with an Acwa Power-led consortium. The power purchase agreements (PPA) for new solar and wind energy projects with 15 gigawatts (15,000 MW) capacity are part of the country's National Renewable Energy Programme. The signing of these agreements represents the largest capacity globally signed for renewable energy projects in a single phase.

Project Details

The solar deals include a 3 GW Bisha project in Aseer, a 3 GW Humaij Solar PV development in Madinah, the Khulis Project in Makkah with a capacity of 2 GW, and Afif 1 and Afif 2 in Riyadh, each with a 2 GW capacity. The wind energy projects include two in Riyadh: the Starah Wind development with a capacity of 2 GW and the 1 GW Shaqra Wind project. The project highlight Saudi Arabia's ability to consistently achieve world-leading Levelized Cost Of Energy (LCOE).

Financial Impact

The agreements worth more than USD 8.3 billion are expected to boost the kingdom's green energy capacity. Acwa Power is the main developer for the developments in partnership with the Public Investment Fund-owned Water and Electricity Holding Company and Aramco Power, a subsidiary of state-controlled oil and gas giant Saudi Aramco.

The company's growth and investment plans are expected to contribute significantly to the development of renewable energy infrastructure in Saudi Arabia and globally, marking a significant step forward in achieving a more sustainable energy mix.

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