Saudi Arabia’s ACWA Power has finalized financing agreements totaling SAR9.7 billion ($2.58 billion) with a group of banks for three major photovoltaic solar initiatives.
This funding will support the development, design, construction, and operation of the projects, as stated by the company in a release to the Saudi stock exchange.
Additionally, the agreements were signed by Buraiq Renewable Energy Company, Moya Renewable Energy Company, and Nabah Renewable Energy Company, which are co-owned by ACWA Power, Badeel (a wholly owned subsidiary of the Public Investment Fund), and Saudi Aramco Power Company.
The banking consortium comprises Banque Saudi Fransi, Emirates NBD, First Abu Dhabi Bank, HSBC, Mizuho Bank, Riyad Bank, Saudi National Bank, and Standard Chartered Bank.
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The Haden, Muwayh, and Al Khushaybi projects, located in Makkah and Qassim Province, have production capacities of 2,000 megawatts (MW), 2,000 MW, and 1,500 MW, respectively.
ACWA Power owns a 35.1 percent share, while Badeel holds a 34.9 percent stake in each of the project companies.
Moreover, the financing arrangement spans 27.3 years, with ACWA Power’s guarantee limited to its equity bridge loan and standby equity, according to the statement.
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