$2.3 B for ACWA Power solar projects
ACWA Power has landed funding for 4.55 GW solar projects in Saudi Arabia.
Image for illustration purposes.
Saudi Arabia, Riyadh: Saudi electricity producer ACWA Power has secured $2.3 billion of debt financing for the construction of three large-scale solar projects in the Kingdom. The financing will go for the Ar Raas 2, Saad 2 and Al Kahfah solar PV projects which in the central and northern regions of Saudi Arabia. The three projects with a combined capacity of 4.55 GW have an aggregate investment cost of $3.4 billion. The funds were provided by a consortium of local, regional and international banks including Banque Saudi Fransi, Mizuho Bank, Riyad Bank, Saudi National Bank, Standard Chartered Bank, Saudi Awwal Bank and HSBC.
ACWA Power is the majority owner with an equity stake of 50.1% in each of the projects. Badeel, a wholly owned company by the Public Investment Fund (PIF), holds the remaining 49.9% stakes. At the start of 2024, ACWA said that the 1.5 GW Sudair solar power plant, about 120 km north of Riyadh, had become fully operational.
Source: Renewables Now