In a statement through the Saudi stock exchange on Thursday, ACWA Power said the agreements are worth 12.3 billion riyals ($3.28 billion) in total.
The agreements are with Saudi renewable energy utility ACWA Power Company, the Water & Electricity Holding Company (Badeel) and Aramco Power. Badeel is wholly owned by Saudi Arabia's Public Investment Fund.
ACWA added that deal was for the Haden, Muwayh, and Al Khushaybi plants in the north and western regions of the kingdom.
Badeel will have a 34.9% equity stake in each of the three project companies, the ACWA Power statement said.
Saudi Arabia will start annual tenders this year for new renewable energy projects with total capacity of 20 GW, aiming to reach between 100 GW and 130 GW by 2030, depending on growth in electricity demand, the ministry said on Wednesday.
