ACWA Power led group reach closure for $2.37 bln fund to build Saudi solar projects

ACWA Power led group reach closure for $2.37 bln fund to build Saudi solar projects

A consortium of companies led by ACWA Power announced on Sunday the successful financial close of Al Shuaibah 1 and Al Shuaibah 2 solar PV projects which will generate an aggregate capacity over 2.6GW of clean electricity for Saudi Arabia.ACWA Power, a Saudi-listed company and a leader in the energy transition, was joined by the Water and Electricity Holding Company (Badeel), wholly owned by Public Investment Fund (PIF), and Saudi Aramco Power Company (SAPCO), a wholly owned subsidiary of Aramco, for the two projects.For the latest headlines, follow our Google News channel online or via the app.

The financial close for the projects is a key achievement in the National Renewable Energy Program (NREP) which is led and supervised by the Ministry of Energy and is a key achievement towards PIF’s commitment to develop 70 percent of Saudi Arabia’s Renewable Energy Target Capacity by 2030.Saudi Power Procurement Company (SPPC) is the procurer and the off-taker for the projects, while the new projects will be jointly owned by Badeel (34.99 percent), ACWA Power (35.01 percent), and SAPCO (30 percent).The $1.63 billion senior debt financing for this plant includes a $450 million, Saudi Riyal denominated loan from the National Development Fund