A consortium led by EDF Power Solutions has reached financial close on Saudi Arabia 1.4 GW solar projects. The consortium includes EDF Power Solutions and SPIC Huanghe Hydropower Development Co., Ltd. Furthermore, it was in partnership with Saudi Aramco Power Company (SAPCO), a wholly owned subsidiary of Aramco. The financial close is on two major solar projects in Saudi Arabia, one being the 1,000 MW Al Masa’a solar power plant.
The other is the 400 MW Al Henakiyah-2 solar power plant. Together, the projects represent a total installed capacity of 1,400 MW and will be developed under 25-year PPAs. Furthermore, the consortium will oversee various aspects of the projects such as the design, financing and construction. It is also expected to manage long-term operation of both facilities. The project’s client company is the Saudi Power Procurement Company (SPPPC).
Project Factsheet
Significance:
- Combined installed capacity at 1,400 MW, representing one of the largest solar developments in Saudi Arabia.
- Supports the transition of the Kingdom toward renewable energy sources
- Strengthens international collaboration between France’s EDF, China’s SPIC, and Saudi Arabia’s Aramco Power.
Infrastructure:
- Includes two utility-scale solar power plants:
- Al Masa’a Solar Power Plant, 1,000 MW, in Hail Province, ~590 km north of Riyadh.
- Al Henakiyah-2 Solar Power Plant (400 MW), in Madinah Province, ~720 km west of the capital.
- Developed under 25-year Power Purchase Agreements with the Saudi Power Procurement Company.
- EDF will be responsible for design, financing, construction, and long-term operation with SPIC Huanghe Hydropower and Aramco Power.
Developer/Consortium:
- Consortium partners: EDF Power Solutions, SPIC Huanghe Hydropower Development Co., Ltd., and Aramco Power Company (SAPCO).
- Client company: Saudi Power Procurement Company (SPPPC)
- Collaboration underscores cross-sector investment between European, Asian, and Middle Eastern energy leaders.
Funding/Timeline:
- Total capacity: 1.4 GW; Total investment: not disclosed.
- Financial close has been attained with participation from local and international lenders including:
- Saudi Investment Bank, Bank of China, Société Générale, BNP Paribas, Abu Dhabi Commercial Bank, and First Abu Dhabi Bank.
Commercial operation dates:
- Al Henakiyah-2: Q1 2027
- Al Masa’a: Q3 2027
The Scope of Implementation on Saudi Arabia 1.4 GW Solar Projects
The 1.4 GW solar projects are located in various regions across the Kingdom. For instance, the Al Masa’a solar power plant is located in Hail Province, approximately 590 kilometers north of Riyadh. It is expected to begin commercial operations in the third quarter of 2027. On the other hand, the Al Henakiyah-2 solar power plant is located in Madinah province about 720 kilometers west of the capital.
Moreover, it is expected to come online in the first quarter of 2027. The projects have secured financing from a consortium of leading local and international banks. These include the Saudi Investment Bank, Bank of China and Société Générale. Furthermore, it includes BNP Paribas, Abu Dhabi Commercial Bank, and First Abu Dhabi Bank. Reaching financial close on these two major solar projects represents a significant milestone. Furthermore, it demonstrates the continued confidence of financial institutions in Saudi Arabia’s renewable energy sector. Renewable energy projects are taking shape in the Middle East with projects such as the world’s largest solar PV and BESS project taking shape in regions such as the UAE.
