$2.2B Financed for Saudi's Largest Solar Project

• Financing for Al-Shuaibah 1 & 2 solar projects secured by ACWA Power at SR8.3 billion. Investment to power 350,000 homes in Saudi Arabia to support Vision 2030 energy goals. Consortium of local, regional, international banks to provide SR6.1 billion in senior debt & SR4.4 billion US-dollar commercial facility. Project to begin commercial operations by Q4 2025.

The ACWA Power-led consortium has finalized the financing for Al-Shuaibah 1 and Al-Shuaibah 2 solar projects at a total investment of SR8.3 billion ($2.2 billion). The total financing consists of SR6.1 billion in senior debt and SR4.4 billion US-dollar commercial facility from a consortium of local, regional and international banks. The project is part of Saudi Arabia’s energy transition strategy to support the government’s vision 2030 goals. The project is expected to begin commercial operations by the fourth quarter of 2025 and is estimated to power 350,000 homes. The government aims to invest a total of SR380 billion in a bid to raise renewable energy to 50 percent of power‑generating capacity (about 58.7 GW) by 2030.

What is Saudi Arabia's Energy Transition Strategy?

• Saudi Arabia's Energy Transition Strategy focuses on strengthening the country's renewable energy sector in order to meet the government's Vision 2030 goals.
  
• The government has announced plans to invest SR380 billion in renewable energy projects, with the aim of raising renewable energy to 50 percent of power-generating capacity (about 58.7 GW) by 2030.
• The Al-Shuaibah 1 and Al-Shuaibah 2 solar projects are part of this energy transition strategy, having recently secured financing of SR8.3 billion ($2.2 billion).
• The project is estimated to power 350,000 homes and is expected to begin commercial operations by the fourth quarter of 2025.
• To achieve the government's goals, the energy transition strategy also involves increasing efficiency and sustainability in the electricity sector, developing local content capabilities and creating new opportunities for job creation and economic diversification.