ACWA Power Secures $2.3B for Saudi Solar Projects
- ACWA Power secures $2.3 billion for 4.55 GW solar projects in Saudi Arabia, with major banks backing the initiative. Leading the way in renewable energy development.
ACWA Power has secured $2.3 billion in debt financing for the construction of three large-scale solar projects in Saudi Arabia, with a combined capacity of 4.55 GW. The projects, Ar Raas 2, Saad 2, and Al Kahfah, will be located in the central and northern regions of the country, with a total investment cost of $3.4 billion.
The funding was 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 holds a majority stake of 50.1% in each project, with the remaining 49.9% owned by Badeel, a company owned by the Public Investment Fund.
This announcement marks further progress in ACWA Power's solar ambitions in Saudi Arabia, following the successful operation of the 1.5-GW Sudair solar power plant earlier in 2024. The company continues to play a significant role in the development of renewable energy projects in the Kingdom.
What banks provided $2.3 billion in debt financing for ACWA Power's Saudi solar projects?
- Banque Saudi Fransi
- Mizuho Bank
- Riyad Bank
- Saudi National Bank
- Standard Chartered Bank
- Saudi Awwal Bank
- HSBC
