ACWA Power Co and its partners, the state-owned Water and Electricity Holding Company (Badeel) and Saudi Aramco Power Company (SAPCO), have reached financial closure for solar projects totaling 5.5 gigawatts (GW) in Saudi Arabia. The total investment is approximately SAR 12 billion (USD 3.2 billion/EUR 2.8 billion).
The projects include the 2-GW Haden, 2-GW Muwayh, and 1.5-GW Al Khushaybi solar plants, which are located in Makkah and Qassim Province.
All three facilities are expected to commence operations in the first quarter of 2027, with electricity generated to be sold to the Saudi Power Procurement Company (SPPC).
The main financing amounting to SAR 9.4 billion has been arranged through a consortium of local, regional, and international banks, including Banque Saudi Fransi, Emirates NBD, First Abu Dhabi Bank, HSBC, Mizuho Bank, Riyad Bank, Saudi National Bank, and Standard Chartered Bank.
ACWA Power, along with SAPCO and Badeel, a subsidiary of Saudi Arabia’s sovereign wealth fund PIF, is also involved in the development of several energy projects with a total capacity of 13.6 GW. These projects include solar initiatives such as Sudair, Shuaiba 2, Ar Rass 2, Al Kahfah, and Saad 2, all situated within Saudi Arabia.
With this latest announcement, ACWA Power’s solar photovoltaic (PV) portfolio has grown to 14 projects with a combined capacity exceeding 17.8 GW. The company’s overall renewable energy portfolio now totals 35 GW.
