White & Case advises on multi-billion dollar financing of 12,000 MW portfolio of photovoltaic projects in Saudi Arabia

Global law firm White & Case LLP has advised the five project companies – each a joint venture between ACWA Power, Public Investment Fund (PIF) company Badeel and Saudi Aramco – on the signing of a multi-billion dollar financing for a portfolio of five solar photovoltaic projects located in the Kingdom of Saudi Arabia with a combined capacity of 12,000 MW.

"The White & Case team advised ACWA Power, Badeel and Saudi Aramco on the financing for their landmark portfolio of solar projects, which marks a significant step towards Saudi Arabia's ambitious renewable energy goals," said White & Case partner Carina Radford, who led the Firm's deal team. "This transaction demonstrates White & Case's strength in delivering large and complex financings in the renewable energy sector and our commitment to supporting transformative projects that drive sustainable growth in the Middle East."

Located in the Asir, Madinah, Makkah and Riyadh provinces of the Kingdom of Saudi Arabia, the five projects are expected to become operational by the start of 2028 and will supply clean electricity to the Saudi Power Procurement Company under long term power purchase agreements. The projects are central to Saudi Arabia's National Renewable Energy Programme, which is led and supervised by the Ministry of Energy, and reflects PIF's commitment to developing 70 percent of Saudi Arabia's renewable energy target capacity by 2030.

The White & Case team which advised on the transaction was led by partner Carina Radford (London) and associate Hesa Alaseeri (London) and included partners Sherief Rashed (Dubai) and Mukund Dhar (London), local partners Nathaniel Crowley (Hong Kong) and Nezar Al Abbas (Riyadh) and associates Alex Field, Zsofia Chabrier, Asad Khan (all London), Charlene Gouws (Johannesburg), Moayad Al Zahrani and Abdulrahman Moumena (both Riyadh).

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