A consortium of renewable energy project developers, led by ACWA Power, signed agreements totaling SAR31 billion (~$8.3 billion) to develop seven solar and wind power projects with a cumulative capacity of 15 GW. The solar projects include the Bisha project in Saudi Arabia’s Asir and the Humaij project in Madinah, totaling 6 GW capacity. They also include the Khulis project in Makkah, as well as the Afif 1 and Afif 2 projects in the Riyadh region, also with a cumulative capacity of 6 GW. The consortium will develop two wind power projects: the Starah project (2 GW) and the Shaqra project (1 GW).

The Saudi Power Procurement Company and a consortium led by ACWA Power have signed five solar power purchase agreements (PPAs), totaling a capacity of 12 GW. The deals signed by the companies were in partnership with the Water and Electricity Holding Company and Aramco Power. The PPAs were signed for the 3 GW Humaji project in the western Madinah region, with a levelized cost of electricity (LCOE) of SAR0.049 (~$0.013)/kWh, and for the 2 GW Khulis project in the western Makkah region, with an LCOE of SAR0.051 (~$0.013)/kWh.

According to Saudi Arabia’s General Authority for Statistics, the country added 3.75 GW of new solar capacity across five projects in 2024. Solar comprised 6.15 GW, and wind accounted for 400 MW of the added capacity in the renewable power mix. Total investments in renewable energy projects amounted to approximately SAR19.8 billion ($5.27 billion) as of the end of 2024, comprising SAR18.26 billion ($4.8 billion) for a solar and SAR1.57 billion ($420 million) for a wind energy project.

According to the Energy Industries Council’s (EIC) Survive and Thrive report, 90% of energy companies operating in the Middle East reported growth in 2024, with average revenues jumping by 68%. Firms in the Americas reported an average 20% growth, followed by the UK and Ireland at 16%, Continental Europe at 13%, and Asia Pacific at 8%. With more than 90% of EIC member companies in the Middle East still focusing on oil and gas, the growth of investment into renewables, hydrogen, and digital infrastructure reveals a willingness to embrace what’s next, without abandoning what works now.

Oman’s solar and wind share in the power mix surged by 11.5% in the first five months of 2025, over doubling from approximately 4.88% at the end of December 2024. The Nama Power and Water Procurement Company contributed 1.88 terawatt-hours (TWh) of renewable energy between January and May 2025. The 1.88 TWh of power generated nearly reaches the total renewable output of 2.4 TWh recorded for the whole of 2024.