Saudi Arabia Commits $8.3 Billion to 15 GW Renewable Energy Projects by 2028

Saudi Arabia has announced a major $8.3 billion investment in seven large-scale solar and wind energy projects, adding 15 GW of clean energy capacity to its grid by 2028. The initiative aligns with the Kingdom’s Vision 2030, supporting its ESG objectives and long-term carbon neutral strategy. 

Led by ACWA Power, Aramco’s SAPCO, and Badeel (a PIF-owned entity), the projects form part of the National Renewable Energy Program (NREP) and are expected to reach financial close by Q3 2025, with operations commencing between late 2027 and early 2028. 

Project Breakdown: 

• 12 GW solar PV: Bisha, Humaij, Khulis, Afif 1 & 2 

• 3 GW wind: Starah, Shaqra 

• Joint ownership: ACWA Power, SAPCO, and Badeel 

This development boosts ACWA Power’s domestic renewable portfolio to 34 GW and reinforces Aramco’s push into renewables through its “New Energies” division. The projects will also strengthen local supply chains, diversify the economy, and enhance energy resilience. 

According to Marco Arcelli, CEO of ACWA Power, “This agreement marks a significant milestone in building a more sustainable and resilient energy future for Saudi Arabia.” 

The investment also supports the Public Investment Fund’s (PIF) target to contribute 70% of the country’s renewable capacity by 2030. With an ambitious national goal of installing 130 GW of renewables by the end of the decade, Saudi Arabia is positioning itself as a regional leader in the clean energy transition. 

This strategic move enhances the Kingdom’s global renewable standing, reinforces its ESG credentials, and showcases its commitment to a carbon neutral energy landscape driven by innovation and sustainable development. 

 

Source: 

https://esgnews.com/saudi-arabia-commits-8-3-billion-to-15-gw-renewable-energy-projects-by-2028/