Saudi firms sign $8.3 billion clean energy deals

Several Saudi companies, including utilities heavyweight ACWA Power and a subsidiary of oil giant Aramco 2222, signed power purchase agreements on Sunday for clean energy projects with a capacity of 15 gigawatts and investments worth around $8.3 billion, the Saudi state news agency (SPA) said.

ACWA Power signed seven agreements as the main developer, in partnership with the Water and Electricity Holding Co (Badeel), owned by the Saudi Public Investment Fund (PIF), and Aramco Power, a unit of Aramco, according to SPA.

The projects include five photovoltaic solar plants in the cities of Aseer, Medina, Mecca and Riyadh, and two wind power projects in Riyadh.

Saudi Arabia is aiming to build up to 130 gigawatts of renewable capacity by 2030, it said last year.