ACWA Power has secured 9.7 billion Saudi riyals ($2.6 billion) in financing. The company signed agreements with a consortium of banks to fund three large-scale solar projects in Saudi Arabia. The financing will cover the development, design, construction, and operation of these projects.
Key Partnerships and Stakeholders
The projects are under the Buraiq Renewable Energy Company, Moya Renewable Energy Company, and Nabah Renewable Energy Company. These entities are jointly owned by ACWA Power, Badeel (a subsidiary of the Public Investment Fund), and Saudi Aramco Power Company. The consortium includes several prominent banks, such as Banque Saudi Fransi, Emirates NBD, First Abu Dhabi Bank, HSBC, Mizuho Bank, Riyad Bank, Saudi National Bank, and Standard Chartered Bank.
Project Details and Locations
The solar projects are located in Makkah and Qassim Province. Haden, Muwayh, and Al Khushaybi projects will have production capacities of 2,000 MW, 2,000 MW, and 1,500 MW, respectively. ACWA Power holds a 35.1% stake, while Badeel owns 34.9% in each project company.
Long-Term Commitment and Global Leadership
The funding duration spans 27.3 years, with ACWA Power guaranteeing its equity bridge loan and standby equity. ACWA Power continues to lead in power generation and water desalination projects globally. In January, the Riyadh-based company announced the expansion of its Sudair Solar Photovoltaic (PV) project, boosting capacity by 25% in its third phase.
Aligning with Saudi Vision 2030
Saudi Arabia is making significant progress in renewable energy to diversify its energy mix. ACWA Power’s investment aligns with the country’s Vision 2030 goals, increasing the share of renewable energy and reducing its carbon footprint.
