PIF eyes 13GW renewables next round
15 May 2025
The next round of the renewable energy programme, which Saudi sovereign vehicle, the Public Investment Fund (PIF) is procuring through direct negotiations with the local utility developer and investor, Acwa Power, will have a total capacity of 13GW.
According to a source with knowledge of the projects, the renewable energy plants will be developed across six locations in Saudi Arabia.
These projects comprise the next PIF renewable energy programme round, procured using the so-called Price Discovery Scheme.
Under this programme, the selected national champion, Acwa Power, is expected to match the tariffs resulting from the latest round of the publicly tendered schemes, whose procurement process is managed by the principal buyer, Saudi Power Procurement Company (SPPC).
It is understood that the PIF and Acwa Power will only proceed or conclude the next price discovery scheme projects once SPPC has received the bids and awarded the contracts for the National Renewable Energy Programme's (NREP) sixth round.
Bids are due for the four solar photovoltaic (PV) independent power projects (IPPs) under the NREP round 6 by 1 June, as MEED reported.
The four solar IPPs have a combined capacity of 3,000MW.
A 1,400MW solar PV IPP will be located in Najran, while the smallest – the 400MW Al-Sufun solar IPP – will be in Hail.
The 600MW Samtah and 600MW Al-Darb solar IPPs will be located in Jizan.
A 1,500MW wind IPP in Dawadmi completes the NREP round six.
Previous PIF round
Acwa Power and its partners reached financial close for three large-scale solar PV power plants with a total combined capacity of 5,500MW under round four of the PIF programme in September last year, three months after the contracts were signed.
The solar PV projects and their capacities are:
- Haden solar PV: 2,000MW
- Muwayh: 2,000MW
- Al-Khushaybi: 1,500MW
The respective project companies that have been formed for the three projects are Buraiq Renewable Energy Company, Moya Renewable Energy Company and Nabah Renewable Energy Company.
Acwa Power’s shareholding in each of the three projects is 35.1%. The (PIF-backed Water & Electricity Holding Company (Badeel) owns 34.9% and Saudi Aramco Power Company (Sapco), a subsidiary of state majority-owned oil giant Saudi Aramco, owns the remaining shares.
The three solar PV facilities have a combined value of SR12.3bn ($3.3bn) and are expected to become operational in the first half of 2027.
The project companies signed financing documents amounting to SR9.7bn ($2.6bn). The financing duration is 27.3 years.
PIF solar PV projects
The three, 5.5GW round-four projects have taken the total capacity of solar PV projects being developed by Acwa Power and its partners under the PIF Price Discovery Scheme to around 19.1GW, involving investment of over $12.3bn.
The other projects include the 1.5GW Sudair solar PV which is operational; and the 2.06GW Shuaibah 2, Ar Rass 2, Al-Kahfah and Saad 2, which are under construction.
Correction: This article was amended on 20 May 2025.
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