Saudi Arabia Signs PPAs for 15 GW Renewable Energy Projects

In a significant move towards embracing renewable energy, Saudi Arabia has recently inked Power Purchase Agreements (PPAs) for seven solar and wind projects. These projects, collectively, represent a massive capacity of 15,000 megawatts (MW) and involve investments surpassing SAR 31 billion, which translates to approximately USD 8.3 billion. The agreements were officially signed in the presence of His Royal Highness Prince Abdulaziz bin Salman bin Abdulaziz, who holds the dual roles of the Minister of Energy and the Chairman of the Saudi Power Procurement Company (the Principal Buyer).

The Principal Buyer entered into these agreements with a consortium that includes ACWA Power as the primary developer. Other key players in the consortium are Badeel, a subsidiary fully owned by the Public Investment Fund (PIF), and Aramco Power, a subsidiary of Saudi Aramco. All these projects are part of the National Renewable Energy Program (NREP), which is being overseen by the Ministry of Energy.