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Principal Buyer signed power purchase agreements for 7 new renewable energy projects

The Principal Buyer signed power purchase agreements for seven new renewable energy projects with a total capacity of 15,000 MW.

 In the presence of Minister of Energy and Chairman of the Board of Managers of Saudi Power Procurement Company (Principal Buyer) Prince Abdulaziz bin Salman bin Abdulaziz, the Principal Buyer has signed Power Purchase Agreements (PPA) for seven new solar photovoltaic and wind projects with a total capacity of 15,000 MW and total investments of over SAR31 billion (approximately 8.3 billion USD) under the National Renewable Energy Program (NREP), which is supervised by the Ministry of Energy.
The agreements were signed with a consortium led by ACWA Power as the main developer, in partnership with the Water and Electricity Holding Company (Badeel), owned by the Public Investment Fund, and Aramco Power, owned by Saudi Aramco.


Photovoltaic solar projects include:

  • Bisha Project in Aseer Region, with a capacity of 3,000 MW and a levelized cost of energy (LCOE) of 4.83708 halalas/kWh (1.28989 US cents).
  • Humaij Project in Madinah Region, with a capacity of 3,000 MW and an LCOE of 4.90682 halalas/kWh (1.30848 US cents).
  • Khulis Project in Makkah Region, with a capacity of 2,000 MW and an LCOE of 5.10439 halalas/kWh (1.36117 US cents).
  • Afif 1 Project in Riyadh Region, with a capacity of 2,000 MW and an LCOE of 4.74736 halalas/kWh (1.26596 US cents).
  • Afif 2 Project in Riyadh Region, with a capacity of 2,000 MW and an LCOE of 4.72346 halalas/kWh (1.25959 US cents).


Wind energy projects include:

  • Starah Project in Riyadh Region, with a capacity of 2,000 MW and an LCOE of 7.71422 halalas/kWh (2.05712 US cents).
  • Shaqra Project in Riyadh Region, with a capacity of 1,000 MW and an LCOE of 6.99750 halalas/kWh (1.86600 US cents).


The signing of these agreements represents the largest capacity globally signed for renewable energy projects in a single phase. It confirms the Kingdom's continued leadership in developing renewable energy infrastructure and achieving globally competitive costs of electricity production per kilowatt-hour, due to efficient financing and development models, as well as growing investor confidence in the Saudi investment environment.
The Principal Buyer is the entity responsible for preparing feasibility studies, tendering electricity generation projects, and signing power purchase agreements with developer consortia.
To date, the company has launched renewable electricity generation projects with a total capacity of 43,213 MW. Of these, power purchase agreements have been signed for projects with a total capacity of 38,713 MW, while 10,213 MW have already been connected to the grid. The capacity connected to the grid is expected to reach 12,713 MW by the end of 2025, and 20,013 MW by the end of 2026.

For more information about the National Renewable Energy Program projects, please visit:

http://powersaudiarabia.com.sa