Saudi Solar Project Acquisitions: PIF-backed Capacity Hits the Secondary Market

Pipeline visibility is also improving, which can directly support valuation and financing for acquisitions. The sixth phase of Saudi Arabia’s National Renewable Energy Program concluded last year, awarding 3 GW of solar, including a project won at the second-lowest levelized cost of electricity for solar energy in history. The seventh round has already started and covers 3.1 GW across four solar projects. Separately, last year Saudi Power Procurement Company signed five solar PPAs totaling 12 GW and two wind PPAs totaling 3 GW. These were billed as the largest renewable energy capacity signed for in a single phase globally to date, with projects scheduled to be operational across 2027 and 2028.

Why the Secondary Market Is Getting More Interesting

As operating capacity expands and more assets move from construction to stable cash-flow profiles, the secondary market can become more active. GlobalData described the 2025 growth as the largest in a calendar year in Saudi Arabia to date, and said total renewables capacity stood at around 13 GW, making solar the dominant form of renewables in the country. Looking forward, GlobalData expects around 5.2 GW of solar to be added this year and 9.6 GW in 2027, taking cumulative capacity to 27.3 GW by the end of next year. More operating assets and a larger near-term build schedule can create clearer windows for portfolio rebalancing and Saudi solar project acquisitions.

Market drivers are also expected to evolve, influencing the asset profiles that buyers may prefer. Saibasan said that in the coming years the main drivers are likely to shift toward grid integration and flexibility. That includes faster interconnection and a focus on large-scale solar-plus-storage. This kind of shift can influence what is considered “acquirable” capacity, especially when buyers compare projects by grid readiness and operational resilience. While the sources emphasize utility-scale growth, they also underline that future value may concentrate in assets aligned with flexibility needs rather than only headline megawatts.

PIF-related context also matters for understanding how capital discipline could affect deal flow. The $1 trillion PIF said it will step up efforts to boost returns and turn portfolio companies into global champions, following tough spending decisions and reviews of ambitious projects such as Neom, with a pivot toward areas more likely to attract foreign investment. In parallel, examples of continued dealmaking cited include Savvy Games Group agreeing to buy Moonton in a deal valuing it at $6 billion, and another affiliate committing an additional $550 million to Lucid Group. This focus on returns and selectivity can shape timing and structure for secondary transactions in energy assets, including Saudi solar project acquisitions.