ACWA Power inks SAR 8.3bn financing deals for solar projects

ACWA Power inks SAR 8.3bn financing deals for solar projects

Signed financing agreements for Al Shuaibah 1 and Al Shuaibah 2 photovoltaic (PV) projects at a combined investment of SAR 8.30 billion ($2.20 billion). The solar projects are funded through a mix of long-term debt and equity, according to a bourse filing. Each project covers the development, design, permitting, engineering, procurement, construction, testing, ownership, insurance, operation, and maintenance. The total financing consists of SAR 6.10 billion ($1.60 billion) in senior debt, including a SAR 1.70 billion ($450 million) loan from the National Development Fund (NDF) on behalf of the National Infrastructure Fund (NIF). This is in addition to SAR 4.40 billion ($1.20 billion) US-dollar denominated commercial facility from a consortium of regional and international lenders, such as , (FAB), Mizuho Bank, , (SNB), Standard Chartered Bank, and (SAIB). The financing consortium included Electricity Holding Company (Badeel), which is wholly owned by the Public Investment Fund (PIF) and (Aramco), with ACWA Power holding a 35% equity stake. In the first quarter (Q1) of 2023, ACWA Power , compared to SAR 151.85 million as of 31 March 2022.