NREP — Saudi Arabia's National Renewable Energy Program

Mon, 27 Apr 2026 00:00:00 +0000

NREP is Saudi Arabia’s National Renewable Energy Program, the auction-based procurement architecture behind the Kingdom’s 130 GW renewable capacity target and 50 percent renewable electricity-share commitment under Vision 2030 and the Saudi Green Initiative. Launched by the Ministry of Energy and operated through the Saudi Power Procurement Company (SPPC), NREP procures large-scale solar photovoltaic and wind generation through competitive Independent Power Producer (IPP) tenders and 25-year Power Purchase Agreements (PPAs). As of January 2026, NREP had run six completed auction rounds awarding cumulative capacity in excess of 30 gigawatts, with Round 6 alone awarding 4.5 GW across five projects in October 2025 — including a wind project with the world’s lowest-ever levelised cost of electricity for wind energy — and Round 7 qualified bidders confirmed for an additional 5.3 GW of combined solar and wind capacity. The institutional architecture combines four central counterparties: the Public Investment Fund (PIF) as strategic capital sponsor; PIF-owned developer Badeel; ACWA Power as the principal IPP developer and operator; and SPPC as the central counterparty for all PPAs. The four-counterparty model has converted Saudi renewable procurement from a series of bespoke negotiations into one of the most operationally efficient auction architectures in global energy markets, producing record-low solar tariffs in successive rounds and the world wind LCOE record in October 2025.

NREP — National Renewable Energy Programme and the 130 GW Build-Out on SAUDI VISION 2030 Intelligence Platform

NREP — Saudi Arabia's National Renewable Energy Program