ACWA POWER Company announces the signing of the power purchase agreements for five large-scale PV solar plants in the Kingdom of Saudi Arabia, with a total combined capacity of 12 GW.
| Element List | Explanation |
|---|---|
| Introduction | ACWA Power Company announces the signing of the power purchase agreements for five large-scale PV solar plants, namely Afif1, Afif2, Humaij, Bisha and Khulis, located in the central, western and southern regions of Saudi Arabia with production capacities of 2,000MW, 2,000MW, 3,000MW, 3,000MW and 2,000MW of renewable power, respectively.
Agreements have been entered by the project companies: 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.
At financial close, ACWA Power’s effective shareholding in each project company is 35.1% while Badeel, and Saudi Aramco Power Company will own 34.9% and s 30%, respectively. |
| Date of Announcement of the Award | 2025-07-13 Corresponding to 1447-01-18 |
| Contract Subject Matter | Power Purchase Agreements (PPAs). |
| The Entity with Which the Contract was Signed | Saudi Power Procurement Company (SPPC) |
| Date of Signing the Contract | 2025-07-13 Corresponding to 1447-01-18 |
| Contract Value | SAR 22.5 billion |
| Contract Details | Development, financing, construction, ownership and operation of 5 Solar PV Power Projects |
| Contract Duration | 25 years for each of the projects |
| Financial Impact and the Relevant Period | The financial impact will be announced at the time of financial close of each project |
| Related Parties | Badeel, a wholly owned company by the Public Investment Fund, will be a partner in this project with a 34.9% equity stake in each of the five project companies. |
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