EDF Power Solutions, SPIC HHDC and SAPCO consortium achieve financial close on 1,400MW Solar Power Projects in Saudi Arabia
- EDF Power Solutions, SPIC HHDC and SAPCO consortium secure financing for Al Henakiyah-2 (400 MW) and Al Masa'a (1,000 MW) Solar Photovoltaic Projects in the Kingdom of Saudi Arabia
- The plants are expected to start commercial operation in Q1 2027 and Q3 2027 respectively
- Located in Madinah and Hail provinces, the projects will rank among the world's largest solar developments, delivering energy to more than 240,000 households and displacing about 3 million tons of CO2 emissions annually
RIYADH, Saudi Arabia, Nov. 6, 2025 /PRNewswire/ -- 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.
About EDF power solutions
Bringing together the businesses of EDF Renewables and EDF Group International Division, EDF power solutions is an international energy player which develops, builds and operates renewable and low-carbon energy production facilities as well as flexible power and electricity transmission solutions.
As a major player in the energy transition worldwide, EDF power solutions deploys, within EDF, competitive, responsible and value-creating projects. In 25 countries, our teams show their commitment to local stakeholders every day, adding their expertise and capacity for innovation to the fight against climate change.
EDF power solutions operates 31GW of gross installed power capacity worldwide. Leveraging on its technological and commercial skills as well as local knowledge, EDF power solutions develops innovative offers, to support the move towards decarbonisation and develop more efficient electrical systems.
EDF power solutions offer a large range of technologies to produce low carbon electricity (wind power, solar, hydraulics, biomass), increase power system flexibility (battery storage, PSP, low carbon thermal hybrid solution etc.) and to reduce our customers' carbon footprint (electrical mobility, hydrogen, off-grid)
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About SPIC Huanghe Hydropower Development Co., Ltd. (SPIC HHDC)
SPIC HHDC is a leading Chinese enterprise dedicated to clean energy. With over two decades of experience, SPIC HHDC is at the forefront of the hydropower, solar, wind, and energy storage sectors, commanding a total installed capacity of 34.92 GW, of which 92.5% is from renewable sources. SPIC HHDC has been a leader in China's renewable energy industry, demonstrating comprehensive expertise across the entire value chain—from project development and technical innovation to operations and maintenance. As a pioneer in renewable energy R&D, the company holds 912 patents, has contributed to setting international and national industry standards, and operates multiple research laboratories and demonstration projects to advance the solar industry. SPIC HHDC has been actively expanding its international presence in the MENA region, participating in several major projects, including the Red Sea utility project, the 700 MW Ar Rass Solar PV IPP and a 91 MW solar PV project, all in the Kingdom of Saudi Arabia.
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