Riyadh – Mubasher: ACWA Power Company signed power purchase agreements for five large-scale photovoltaic (PV) solar plants located in the central, western and southern regions of Saudi Arabia.
The plants are Afif1, Afif2, Humaij, Bisha and Khulis, with production capacities of 2,000MW, 2,000MW, 3,000MW, 3,000MW and 2,000MW of renewable power, respectively.
ACWA Power inked the deals with Saudi Power Procurement Company (SPPC) at a value of SAR 22.50 billion on 13 July 2025, according to a bourse disclosure.
The project companies include Afif One Renewable Energy Company, Afif Two Renewable Energy Company, Humaij One Renewable Energy Company, Bisha One Renewable Energy Company, and Khulis One Renewable Energy Company.
In addition, the two entities also sealed several power agreements at a value of SAR 8.60 billion for two wind power generation plants in the central region.
Starah (STR) will have a production capacity of 2,000MW, while Shaqra (SHQ) will hold a production capacity of 1,000MW.
Starah First Renewable Energy Company and Shaqra First Renewable Energy Company are the project-related companies.
The deals cover the development, financing, construction, ownership, and operation of five solar PV power projects, with a duration period of 25 years for each project.
Upon closing the financial transaction, ACWA Power’s effective shareholding in each project company will stand at 35.10% while Badeel and Saudi Aramco Power Company will hold 34.90% and 30%, respectively.
In May, the Tadawul-listed firm signed strategic partnership agreements with key Malaysian entities at an initial investment value of up to $10 billion.
