ACWA Power entered a strategic agreement with Saudi Arabia’s Public Investment Fund (PIF) in 2023, to lead the development of 70% of Saudi Arabia’s renewable projects, under the PIF Renewable Program. In June 2024, the company signed three power purchase agreements alongside Badeel and SAPCO, with the Saudi Power Procurement Company to develop and operate three major new solar PV projects in Makkah and Qassim, with a combined capacity of 5.5GW for $3.3 billion. In the first half of 2024, the company added 10.5GW of renewable power generation capacity to its portfolio. It is in the process of constructing a 240 MW wind power plant in Azerbaijan at an investment cost of $345 million.