ACWA Power, a developer, owner, and operator of power generation projects, along with the Water and Electricity Holding Company (Badeel), a wholly owned company of PIF, and Saudi Aramco Power Company, a wholly owned subsidiary of Aramco, has secured $8.2 billion in financing.
Of this, $5.9 billion in senior debt financing was provided by a consortium of local, regional, and international banks, including Ajman Bank, Al Masraf, Alinma Bank, Arab National Bank, Bank of China, China Construction Bank, China Minsheng Bank, Emirates NBD Bank, Eurobank, First Abu Dhabi Bank, HSBC Bank Middle East Limited, Industrial and Commercial Bank of China Limited, KfW IPEX-Bank GmbH, Mizuho Bank, Natixis, Piraeus Bank, Saudi Awwal Bank, Saudi National Bank, Société Générale, Standard Chartered Bank Limited, and Sumitomo Mitsui Trust Bank.
The funding will be used to develop seven giga-scale projects, comprising five solar photovoltaic (solar PV) projects and two wind energy projects, with a combined capacity of 15 GW.
The portfolio includes Bisha (3 GW solar PV) in Asir Province, Humaij (3 GW solar PV) in Madinah Province, and Khulis (2 GW solar PV) in Makkah Province. Afif1 (2 GW solar PV), Afif2 (2 GW solar PV), Starah (2 GW wind), and Shaqra (1 GW wind) are in Riyadh Province. The projects are expected to be operational between the second half of 2027 and the first half of 2028.
As part of the Kingdom’s National Renewable Energy Program, the seven new renewable energy projects will be jointly owned by ACWA Power, Badeel, and SAPCO, with the Saudi Power Procurement Company as the procurer and off-taker for the projects.
According to Mercom’s 9M and Q3 2025 Solar Funding and M&A report, large-scale project funding increased by 43% in the first nine months of 2025 compared with the same period in 2024.
In November, JP Energie Environnement (JPee), a French independent renewable energy producer, secured a €430 million (~$496 million) refinancing for its solar and wind projects. Bpifrance, CIC, Société Générale, and Crédit Agricole Transitions & Energies, alongside the banks of the Crédit Agricole Group, arranged and financed the transaction.
