ACWA Power Secures SAR 9.7 Billion Financing for Major Solar Projects in Saudi Arabia

ACWA Power has secured SAR 9.7 billion (USD 2.6 billion/EUR 2.33 billion) in financing from a consortium of local and international banks to develop three large-scale solar power plants in Saudi Arabia, with a combined capacity of around 5.5 GW.

The funds will be used for the development, construction, and operation of the 2-GW Haden, 2-GW Muwayh, and 1.5-GW Al Khushaybi solar projects, located in the Makkah and Qassim provinces. This was confirmed by ACWA Power in a stock exchange filing.

The financing agreements were made through Buraiq Renewable Energy Company, Moya Renewable Energy Company, and Nabah Renewable Energy Company. ACWA Power holds a 35.1% stake in each entity, while Badeel owns 34.9%, and Saudi Aramco Power Company holds the remaining interest.

The financing consortium includes Banque Saudi Fransi, First Abu Dhabi Bank, HSBC, Emirates NBD, Mizuho Bank, Saudi National Bank, Riyad Bank, and Standard Chartered Bank.