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Saudi Arabia to Boost Renewable Energy with $8bn Investment
SAUDI ARABIA, JUL 13 – Saudi Arabia's $8.3 billion deal covers seven solar and wind projects totaling 15 GW, marking the largest single-phase renewable capacity agreement globally, officials said.
- On Sunday, July 12, the Saudi Power Procurement Company signed agreements worth $8.3 billion for seven solar and wind projects, marking the largest capacity globally in a single phase.
- Saudi Arabia's Vision 2030 targets to expand renewables drive growth, as the National Renewable Energy Program is overseen by the Ministry of Energy.
- The projects comprise five solar plants, including 3,000 MW Bisha, 3,000 MW Madinah, 2,000 MW Khulais, and two 2,000 MW Afif plants, complemented by two wind PPAs adding 3 GW.
- Saudi Power Procurement Company called the round `one of the largest renewable energy project rounds globally`, while Marco Arcelli said `largest and most comprehensive under the program to date`.
- Financial close is expected by the third quarter of this year, while capacity shows growth to 12.7 GW by year end and surpasses 20 GW in 2026, with operations across the second half of 2027 and first half of 2028.
21 Articles
21 Articles
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Saudi Arabia seeks to raise its solar and wind power capacity with multi-billion-dollar deals. The Kingdom, the world’s top crude oil exporter, wants to develop all forms of energy, diversify its economy from oil, and replace oil in power generation with renewables and natural gas. The Saudis are not abandoning their primary role in global oil production and supply. But the more renewables they install, the more fuel for direct crude burn for po…
Saudi inks $8B deal to expand domestic wind and solar capacity
Saudi Arabia awarded local companies $8.3 billion worth of projects to add 15 gigawatts of domestic wind and solar electricity capacity. The facilities will be developed by ACWA Power, PIF’s Water and Electricity Holding Co., and Aramco Power. The wind farms will be in Riyadh province, while the solar plants will be spread across the kingdom.Gulf countries are investing in renewable energy at home — both to decarbonize their power grids and to f…
der Standard AT
der Standard DEFive solar photovoltaic plants and two wind projects are planned
ACWA Power-led consortium signs $8.3bn deals for massive renewable
RIYADH: 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
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