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- Saudi Firms Sign $8.3 Billion Clean Energy Deals
14/07/2025 02:36 AST
A Saudi consortium led by ACWA Power has signed agreements worth SR31 billion ($8.3 billion) to develop seven major solar and wind energy projects with a combined capacity of 15,000 megawatts, the Saudi Press Agency reported on Sunday.
The consortium includes the Water and Electricity Holding Co., a subsidiary of the Public Investment Fund, and Aramco Power, which is owned by Saudi Aramco. The deals were signed in the presence of Energy Minister Prince Abdulaziz bin Salman and fall under the National Renewable Energy Program, overseen by the Ministry of Energy.
Five of the new projects are photovoltaic solar initiatives, including the Bisha Project in the Asir region and the Humaij Project in Madinah, each with a capacity of 3,000 MW. The Khulis Project in Makkah will generate 2,000 MW, while the Afif 1 and Afif 2 projects, both located in the Riyadh region, will add another 4,000 MW combined.
In addition, two wind energy projects will be developed in Riyadh: the 2,000 MW Starah Project and the 1,000 MW Shaqra Project.
The agreements mark the largest single-phase capacity signed globally for renewable energy projects.
They underscore the Kingdom's ongoing commitment to expanding its renewable energy infrastructure and its ability to deliver electricity at globally competitive costs.
This achievement reflects strong investor confidence and the success of Saudi Arabia's financing and development strategies in the energy sector.
Arab News
07/07/2025
Saudi Arabia's energy and water desalination giant ACWA Power has drawn investor attention regarding its expansion strategy, following the approval of its shareholders for a SR7.1 billion ($1.8 billi
Arab News
16/06/2025
Saudi utility giant ACWA Power is moving forward with its SR7 billion ($1.8 billion) capital increase as part of a broader strategy to expand its footprint in energy transformation, water desalinatio
Arab News
13/06/2025
Saudi utility giant ACWA Power is planning to invest $5 billion in Uzbekistan, affirming its status as the leading foreign investor in the Central Asian nation's energy sector, according to a top off
Arab News
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| TAQA | 3.34 | 0.00 (0.00 |
| DEWA | 2.82 | 0.05 (1.80 |
| SAUDIELECTRICITY | 14.95 | -0.09 (-0.60 |
| EMPOWER | 1.72 | -0.01 (-0.58 |
| MARAFIQ | 42.62 | -0.74 (-1.71 |
14/07/2025
Aluminium Bahrain (Alba), the world's largest aluminium smelter on one site, has announced that it has secured the esteemed EcoVadis Platinum Rating certification for a second time.
The Ec
Trade Arabia
14/07/2025
QIIB has entered into a strategic partnership with Visa, a global leader in digital payments, to roll out the cutting-edge 'Click to Pay' feature with biometric authentication.
As one of the
Times of Oman
14/07/2025
QNB Group continues to capitalize on attractive growth opportunities in regional markets to reinforce its banking leadership across the region.
This is evidenced by the opening of new intern
The Peninsula
12/07/2025
Dukhan Bank (a Qatari public shareholding company) announced an update to the shareholders' eligibility date for interim dividends to July 16, 2025.
In a statement published on the Qatar Sto
QNA
11/07/2025
Investcorp, a leading global alternative investment firm based in Bahrain, today (July 10) announced the completion of the sale of a majority stake in leading Italian cybersecurity provider HWG Sabab
Trade Arabia
Financial Information Co.
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