The Kingdom of Saudi Arabia Advances Renewable Energy Goals with 5.5 GW Solar Projects Backed by SAR 12.3 billion Investment

We are happy to announce the signing of purchase power agreement PPA’s to build, develop, and operate three major new solar photovoltaic (PV) projects in Kingdom of Saudi Arabia, the Haden “2,000 MW” and Muwayh “2,000 MW” plants, in the Makkah region, and Al Khushaybi “1,500 MW” plant in the Qassim region.

The new solar PV facilities, with a combined value of SAR12.3 billion (USD3.3 billion), are expected to contribute an additional 5,500 MW of renewable energy to the national power grid once operational in the first half of 2027. Financial closes are expected by the fourth quarter of 2024.

Commenting on the event, Sultan Al Nabulsi, Acting Chief Executive Officer from Badeel, said: “Badeel is proud to achieve this milestone for the new three Solar PV Projects, as an anchor sponsor under PIF to achieve its commitment to develop 70% of Saudi Arabia’s renewable energy by 2030. This comes as part of PIF continued efforts to progress towards unlocking the capabilities of promising sectors and achieving Kingdom of Saudi Arabia’s ambitions in Renewable Energy.”