ACWA Power, Badeel, Aramco sign funding deals for 5 solar power projects

29/10/2025 Argaam
Snapshot of the agreement signing

Snapshot of the agreement signing

ACWA Power Co., Water & Electricity Holding Co. (Badeel) — a wholly owned company by the Public Investment Fund (PIF), and Saudi Aramco signed today, Oct. 29, financing agreements for five solar energy projects with a target combined capacity of 12,000 megawatts.

 

The projects aim to supply clean electricity to the Saudi Power Procurement Co. (SPPC), under long-term power purchase agreements.

 

According to PIF, these projects fall under the National Renewable Energy Program, overseen by the Ministry of Energy.

 

They are also part of PIF’s commitment to achieve 70% of Saudi Arabia’s renewable energy target by 2030.

 

The agreements were signed on the sidelines of the ninth edition of the Future Investment Initiative (FII) conference.

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