Dentons advises EDF-led consortium on financial close of landmark 1.4 GW solar projects in Saudi Arabia

Riyadh-Dentons has advised a consortium led by EDF Power Solutions (EDF) and SPIC Huanghe Hydropower Development Co., Ltd., in partnership with Saudi Aramco Power Company (a wholly-owned subsidiary of Aramco), on the successful financial close of two major solar photovoltaic projects in the Kingdom of Saudi Arabia: the 1,000 MW Al Masa'a and 400 MW Al Henakiyah-2 plants.

These flagship projects, forming part of the fifth round of Saudi Arabia's National Renewable Energy Programme (NREP), mark a significant milestone in advancing the Kingdom's Vision 2030 ambitions to diversify its energy mix and expand clean power generation. Collectively, the NREP Round 5 projects comprise four solar plants with a combined capacity of 3.7 GW, making it one of the most ambitious renewable energy undertakings in the region.

Under 25-year power purchase agreements with the Saudi Power Procurement Company, the consortium will design, finance, construct and operate both facilities. The Al Masa'a project, located in Hail Province approximately 590 km north of Riyadh, is expected to reach commercial operation in Q3 2027, while the Al Henakiyah-2 project, situated in Madinah Province around 720 km west of the capital, is scheduled to begin operations in Q1 2027.

Financing was secured from a syndicate of leading regional and international financial institutions across the Kingdom, China, France, Singapore, Sweden and the UAE, reflecting the strong global confidence in Saudi Arabia's renewable energy framework.

Dentons' role

Dentons played a pivotal role in guiding the EDF-led consortium through every stage of these transactions, from bid structuring and documentation to financing and regulatory compliance. Drawing on its extensive experience in large-scale infrastructure and renewable energy financing, the firm ensured the projects met the highest standards of bankability and competitiveness.

"We are proud to have supported our clients on this landmark renewable energy initiative, which underscores Saudi Arabia's continued progress toward a sustainable and diversified energy future," said Stephen Knight, Partner and Head of Middle East Banking and Finance at Dentons. "This deal further demonstrates Dentons' depth of experience in advising on large-scale, cross-border energy projects across the Middle East."

"Dentons' involvement highlights our deep understanding of the complexities of clean energy financing and solar IPP development in Saudi Arabia," added Kanishka Singh, Energy and Projects Partner at Dentons. "We are delighted to support our clients in structuring innovative and bankable projects that advance the Kingdom's Vision 2030 clean energy goals."

The Dentons team was co-led by Stephen Knight (Partner and Head of Middle East Banking and Finance) and Kanishka Singh (Partner, Abu Dhabi), with support from Tony Nicholson (Senior Associate, Dubai), Elen Roberts (Senior Associate, Abu Dhabi), Patrick Yeo (Associate, Abu Dhabi) and Darell Pang (Associate, Abu Dhabi), Noor Oueida, (Trainee, Dubai), Jasim Alzaabi (Trainee, Dubai) and Manya Jain (Trainee, London).

Local law advice was provided by Ahmed Butt (Partner, Dubai/Riyadh), Yara AlSaygh (Associate, Jeddah) and Mahnoor Latif (Associate, Dubai/Riyadh).

Debt Capital Markets related advice was provided by Matthew Sapte (Partner, London), Andrew Gallagher (Associate, Dubai) and Arun Bindra (Associate, London).

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