Riyadh, 06/October/2025: A consortium led by EDF Power Solutions and SPIC Huanghe Hydropower Development Co., Ltd. (SPIC HHDC), in partnership with Saudi Aramco Power Company (SAPCO), a wholly owned subsidiary of Aramco, has achieved financial close on two landmark solar power projects in the Kingdom of Saudi Arabia. The projects, Al Masa'a Solar Power Plant (1,000 Megawatt (MW)) and Al Henakiyah-2 Solar Power Plant (400 MW), represent a combined installed capacity of 1,400 MW. Both plants are being developed under 25-year Power Purchase Agreements (PPAs) signed with the Saudi Power Procurement Company (SPPC), under which the consortium will be responsible for the design, financing, construction, and long-term operation of the facilities.
Located in Hail Province, approximately 590 km north of Riyadh, the Al Masa'a project is expected to achieve commercial operation in Q3 2027. The Al Henakiyah-2 plant, situated around 720 km west of the capital in Madinah Province, is expected to become operational in Q1 2027.
The financing of the projects was supported by a group of leading local and international financial institutions, including Saudi Investment Bank, Bank of China, French Société Generale, BNP Paribas, Abu Dhabi Commercial Bank, and First Abu Dhabi Bank. This financial backing underscores growing confidence in Saudi Arabia’s renewable energy market and the strength of its investment environment.
Both solar power plants are part of the Kingdom’s National Renewable Energy Program (NREP), under the supervision of the Ministry of Energy. They contribute to the Kingdom’s strategic objective of increasing the share of renewables in the electricity generation mix to around 50% by 2030, while also supporting the Liquid Displacement Program and broader decarbonization goals.
Cédric Le Bousse, EDF power solutions Executive Vice President Europe, Middle East, Central Asia, said: "Reaching financial close on these two major solar projects represents a significant milestone and demonstrates the continued confidence of financial institutions in Saudi Arabia's renewable energy sector. The Al Masa'a and Al Henakiyah-2 projects will further strengthen EDF power solutions’ position in the Kingdom, bringing our total renewable capacity to over 3,500 MW. These projects exemplify EDF power solutions' long-term commitment to supporting Saudi Arabia's Vision 2030 and the Saudi Green Initiative, as we work together to accelerate the Kingdom's energy transition and build a competitive and sustainable energy sector."
SPIC Huanghe Hydropower Development Co., Ltd., said:
“We are delighted to achieve financial close for the pioneering Al Masa'a and Al Henakiyah-2 projects with our key partners, EDF power solutions and Saudi Aramco Power Company. This success marks a significant milestone born from mutual strength and effective collaboration. As a leading company in clean energy, SPIC HHDC brings its full technical expertise and vast project experience to this international venture. We are honored to contribute to the renewable energy goals of Saudi Vision 2030 and are committed to working with our partners to deliver these world-class solar facilities, accelerating the region's green energy transformation.”
Waleed A. Al Saif, Aramco Senior Vice President of New Energies, added:
"This 1,400 MW solar plants investment with EDF and SPIC represents a pivotal step toward positioning Aramco’s New Energies business at the forefront of a rapidly growing sector, and advancing the expansion of our portfolio in renewables, carbon capture and storage, and lower-carbon hydrogen. It reinforces our commitment to a diversified energy future, in alignment with our long-term vision to meet rising energy demand.”
Once commissioned, the two plants will generate enough renewable energy to power more than 240,000 Saudi households annually and avoid approximately 3 million tons of CO2 emissions per year. The projects are also expected to deliver strong economic benefits to the Kingdom. During the construction phase, a significant portion of equipment, materials, and services will be sourced from local companies. In addition, during the first five years of operations, Saudi nationals will form a significant portion of the workforce, with this percentage expected to increase over the plants' operational lifespan. These projects mark another step forward in Saudi Arabia’s journey toward a more diverse energy future.
