EDF, SPIC, and Aramco Power Reach Financial Close on 1.4 GW of Solar Projects in Saudi Arabia

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 reached financial close on two major solar projects in Saudi Arabia — the 1,000 MW Al Masa’a Solar Power Plant and 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 with the Saudi Power Procurement Company (SPPC). The consortium will oversee the design, financing, construction, and long-term operation of both facilities.

Located in Hail Province, approximately 590 kilometers north of Riyadh, the Al Masa’a Solar Power Plant is scheduled to begin commercial operations in the third quarter of 2027. The Al Henakiyah-2 Solar Power Plant, located in Madinah Province about 720 kilometers west of the capital, 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, including the Saudi Investment Bank, Bank of China, Société Générale, BNP Paribas, Abu Dhabi Commercial Bank, and First Abu Dhabi Bank.

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.”