Saudi Firm Signs Nearly $1 Billion Solar and Battery Storage Deals with Syrian Electricity Company

Saudi Arabia's Mohammed Ahmed Al-Harfi Co. signed three power purchase agreements (PPAs) with the state-owned Syrian Electricity Company at a ceremony in Damascus on 5 August 2026, alongside two technical cooperation agreements with Saudi Electricity Project Development Co. and Germany's Siemens Energy. The agreements cover three solar power projects to be built in the Widyan Al-Rabie area of Rif Dimashq province. The projects will have a combined generation capacity of 760 megawatts, integrated with battery energy storage systems totalling 1,077 megawatt-hours. The PPAs run for terms of 20 to 25 years, with tariffs starting at $0.03 per kilowatt-hour. The technical cooperation agreements cover specialised engineering and advisory services, as well as the transfer of technical expertise in substations, power generation, and energy storage. The agreements are valued at close to $1 billion. Implementation is scheduled to take four to five years, though developers have indicated an intention to accelerate completion to within three years where possible. The deal follows a series of foreign investment agreements signed in Syria's energy and infrastructure sectors in 2026, coming after the lifting of most US, EU, and UK sanctions on Syria and the removal of Syrian financial institutions from OFAC's sanctions list. For businesses and investors evaluating opportunities in Syria, the transaction signals growing confidence from regional capital in the country's power sector as reconstruction efforts continue.