Eversheds Sutherland advises Saudi Power Procurement Company on a SAR31 billion renewable energy deal

A cross-practice, multi-office team from Eversheds Sutherland has advised Saudi Power Procurement Company (SPPC) on a landmark portfolio of seven renewable energy projects in Saudi Arabia, comprising five solar PV and two wind developments.

With a combined capacity of 15,000 megawatts (MW) and a total investment of SAR 31 billion, the deal represents the largest capacity globally signed for renewable energy projects delivered in a single phase.

The projects form a central part of the Kingdom of Saudi Arabia’s National Renewable Energy Program (NREP), which aims to deliver 50% renewable energy by 2030 as part of the Kingdom’s Energy Mix target.

The photovoltaic solar projects comprise:

• Bisha Project (Aseer Region) – 3,000 MW
• Humaij Project (Madinah Region) – 3,000 MW
• Khulis Project (Makkah Region) – 2,000 MW
• Afif 1 Project (Riyadh Region) – 2,000 MW
• Afif 2 Project (Riyadh Region) – 2,000 MW

The wind energy components include:

• Starah Project (Riyadh Region) – 2,000 MW
• Shaqra Project (Riyadh Region) – 1,000 MW

Eversheds Sutherland advised SPPC across all legal aspects of the procurement process through to commercial close. Financial close is expected to occur within Q3 of 2025.

Eversheds Sutherland’s cross-practice team was led by Partner Ashley Halewood, and included support from Adite Aloke (Principal Associate), Saed Obeidat (Associate), Sama Ali and Mohamed Al-Ali. The Mohammed AlDhabaan & Partners Eversheds Sutherland team was led by Abdulatif Al Heraish (Partner) and included support from Leen Al moaiqel (Associate) and Ali Al Araifi.

Ashley Halewood, Partner, Eversheds Sutherland, commented:

“This is a globally significant transaction, both in scale and ambition. The complexity and size of this deal required deep sector expertise, seamless collaboration across our teams, and a great understanding of both SPPC’s and KSA’s goals in relation to transitioning to renewable energy. The scope of the transaction underscores our firm’s commitment to enabling sustainable infrastructure, and supporting clients in their clean energy transition. Congratulations to everyone involved.”

This transaction builds on Eversheds Sutherland’s longstanding relationship with SPPC, having previously advised on several major renewable energy projects in the Kingdom. These include the financial close of the 2.6 GW Al Shuaibah 1 and Al Shuaibah 2 Solar PV, the largest solar PV in the Middle East. The team has also advised on the financial close of three solar PV IPPs (Haden, Muwayh, and Al Khushaybi) totalling 5.5GW, cementing its role as a trusted legal adviser in Saudi Arabia’s clean energy transition.