Saudi Arabia’s PIF sovereign wealth fund and Acwa Power announced on 21 May that they are to partner on three large-scale solar PV projects in the kingdom worth a combined SR12.2bn ($3.25bn). The three projects will generate a combined 4.55GW of renewable energy upon completion, which Acwa says is expected by 1H 2026.

35-year power purchase agreements (PPAs) have been signed with the Saudi Power Procurement Company (SPPC), which is the offtaker for all such renewable projects in the kingdom. Financial close is expected by next quarter. (CONTINUED - 904 WORDS)