ACWA Power Secures $2.3B for Saudi Solar Projects

Feb 19, 2024 01:31 PM ET
  • 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

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