ACWA: 2.6GW Saudi Solar Farms Financed
- ACWA Power has reached financial close on two solar projects in Saudi Arabia with a combined capacity of 2.6GW. Investment totals US$2.37bn and commercial operations will begin in 2025, providing clean renewable energy as part of Saudi's National Renewable Energy Program.
ACWA Power has reached financial close on its Al Shuaibah 1 and Al Shuaibah 2 solar projects in Saudi Arabia. The two projects have a combined capacity of over 2.6GW and are located in Al Shuaibah in the Makkah Province. The total investment in the plant amounts to US$2.37 billion and commercial operations will commence in 2025. ACWA Power owns 35.01% of the projects, while Badeel and Saudi Aramco Power Company own 34.99% and 30% respectively. Financing for the project includes a US$450m loan from the National Development Fund and a US$1.18bn loan from a consortium of banks. The project is expected to provide clean energy in line with the National Renewable Energy Program, which aims to generate 50% of electricity from renewable sources by 2030.
What Is the Investment Behind ACWA Power's Al Shuaibah Solar Projects?
- The project has a total capacity of 2.6GW and is located in Al Shuaibah in the Makkah Province
- ACWA Power owns 35.01%, Badeel and Saudi Aramco Power Company own 34.99% and 30% respectively
- Financing for the project includes a US$450m loan from the National Development Fund and a US$1.18bn loan from a consortium of banks
- The total investment amounts to US$2.37 billion
- Commercial operations will commence in 2025
- The project is expected to provide clean energy in line with the National Renewable Energy Program, which aims to generate 50% of electricity from renewable sources by 2030
- The project is backed by the Saudi government for its commitment to renewable energy
- ACWA Power has partnered with several local and international investors to fund the project
- The two projects will generate enough electricity to power over 3.5 million households in Saudi Arabia
