ACWA Power secures $2.6 B funding for 3 solar projects
Saudi company ACWA Power has signed financing agreements worth 9.7 billion Saudi riyals ($2.6 billion) with a consortium of banks for three large-scale PV solar projects.
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Saudi Arabia, Riyadh: Saudi company ACWA Power has signed financing agreements worth 9.7 billion Saudi riyals ($2.6 billion) with a consortium of banks for three large-scale PV solar projects. The funding will be used for the development, design, construction and operation of the projects.
Buraiq Renewable Energy Company, Moya Renewable Energy Company and Nabah Renewable Energy Company, which are owned jointly with ACWA Power, Badeel, a wholly owned subsidiary of Public Investment Fund, and Saudi Aramco Power Company, signed the agreements with the bank consortium. The consortium consists of Banque Saudi Fransi, Emirates NBD, First Abu Dhabi Bank, HSBC, Mizuho Bank, Riyad Bank, Saudi National Bank and Standard Chartered Bank.
The projects, named Haden, Muwayh, and Al Khushaybi, are located in Makkah and Qassim Province with a production capacity of 2000 MW, 2000 MW and 1500 MW respectively. ACWA Power owns a 35.1% stake, while Badeel holds a 34.9% stake in each project company. The funding duration is 27.3 years, with ACWA Power’s guarantee limited to its equity bridge loan and standby equity, the statement said.
Source: Zawya
#ACWA Power#Renewables#Saudi Arabia#solar power#solar power plant
