ACWA Power has finalized the financing for five large-scale solar photovoltaic projects in Saudi Arabia, marking a major step forward in the Kingdom's push toward renewable energy. The projects — Afif 1, Afif 2, Humaij, Bisha, and Khulais — carry a combined capacity of 12 gigawatts and represent a total investment of about SAR 31 billion (roughly US$8.2 billion).
The five plants are developed under the National Renewable Energy Program and are jointly owned by ACWA Power, Badeel, and SAPCO, with the Saudi Power Procurement Company (SPPC) acting as procurer and off-taker. Individual capacities include 2 GW each for Afif 1, Afif 2, and Khulais, and 3 GW each for Humaij and Bisha.
The projects are notable for their highly competitive electricity costs. Reported levelized cost of energy figures stand at SAR 0.0484 SAR 0.049 and SAR 0.051 per kWh for Khulais — among the lowest solar power prices in the region.
Timeline and Wider Portfolio
Commissioning of the solar portfolio is scheduled for the second half of 2027 and the first half of 2028. The financing package also includes two wind projects — Starah at 2 GW and Shaqra at 1 GW — bringing the full renewable portfolio to 15 GW.
For residents across the Kingdom, projects of this scale are central to Saudi Arabia's goal of diversifying its energy mix and expanding clean-power generation. Adding significant solar and wind capacity supports lower-cost electricity supply and reduces reliance on conventional fuels, aligning with the country's long-term energy and sustainability targets.
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