ACWA Power Co has secured SAR 9.7 billion (USD 2.6 billion/EUR 2.33 billion) in financing from a group of local and international banks to develop three major solar power plants in Saudi Arabia, with around 5.5 GW in capacity.
The funds will be allocated for the development, construction, and operation of the 2-GW Haden, 2-GW Muwayh, and 1.5-GW Al Khushaybi solar projects, located in Makkah and Qassim Provinces. This information was disclosed by the Saudi electricity and water desalination company in a stock exchange announcement.
The financing deals were formalized by Buraiq Renewable Energy Company, Moya Renewable Energy Company, and Nabah Renewable Energy Company, each of which will be controlled by ACWA Power (35.1% stake), Badeel (34.9%), and Saudi Aramco Power Company.
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.
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