The Kingdom of Saudi Arabia recently announced a major renewable energy development plan. Saudi International Power and Water Company (ACWA Power), Badeel, a subsidiary of the Saudi Public Investment Fund, and SAPCO, the Saudi Arabian National Oil Company, have formed a consortium to sign a $8.3 billion power purchase agreement with the Saudi National Electricity Procurement Company to jointly develop seven renewable energy projects with a total installed capacity of 15GW. The project includes five photovoltaic power plants and two wind farms:

Five photovoltaic projects with a total installed capacity of 12GW are located in the central, western, and southern regions of Saudi Arabia, including Afif1 (2000MW), Afif2 (2000MW), Humaij (3000MW), Bisha (3000MW), and Khulis (2000MW) power stations, with a total investment of 6 billion US dollars; Two wind power projects with a total installed capacity of 3GW, including the Starah wind power project (2000MW) located in the southern region of Riyadh Province and the Shaqra wind power project (1000MW) in the northern region, with a total investment of 2.3 billion US dollars.

The project adopts a joint development model, with ACWA Power holding 35.1%, Badeel holding 34.9%, and SAPCO holding 30%. It is expected to be put into operation gradually from the second half of 2027 to the first half of 2028, and after completion, it will significantly enhance Saudi Arabia's renewable energy generation capacity.

ACWA Power Chairman Mohammad Abunan stated that this collaboration is an important milestone in the company's development. At present, ACWA Power has a total of 21 renewable energy projects in Saudi Arabia, with a total installed capacity of over 34GW, and the global total installed capacity of renewable energy has reached 51.9GW.

It is worth noting that the total scale of ACWA Power's cooperation projects with the Saudi Public Investment Fund and Saudi Aramco has reached 28.6GW, with a total investment of over 17 billion US dollars. These projects will effectively promote the development of Saudi Arabia's local supply chain and help achieve the energy transformation goals of the "2030 Vision". As an important participant in energy cooperation along the the Belt and Road, ACWA Power has settled its Chinese headquarters and global innovation center in Shanghai, demonstrating its positive will to deepen cooperation with China. This large-scale project development will also bring new market opportunities to the global renewable energy industry chain. (This article is from the official website of Jian Dao www.seetao.com. Reproduction without permission is prohibited, otherwise it will be prosecuted. Please indicate Jian Dao website+original link when reprinting.) Jian Dao website new energy column editor/Yang Beihua