Saudi Arabian electricity producer and water desalination firm, ACWA Power Co, has successfully secured $2.3 billion (EUR 2.13bn) in debt financing for the development of three significant solar projects within the Kingdom.
The financing is earmarked for the construction of the Ar Raas 2, Saad 2, and Al Kahfah solar photovoltaic projects, strategically positioned in the central and northern regions of Saudi Arabia.
See also: ACWA Power secures $123m financing for Egypt solar project
With a combined capacity of 4.55 GW, these solar parks represent a substantial investment totaling $3.4 billion.
According to ACWA Power's stock exchange filing, the funds were provided by a diverse consortium comprising local, regional, and international banks, including Banque Saudi Fransi, Mizuho Bank, Riyad Bank, Saudi National Bank, Standard Chartered Bank, Saudi Awwal Bank, and HSBC.
ACWA Power maintains a majority ownership stake of 50.1% in each of the three projects, with the remaining 49.9% stakes held by Badeel, a wholly owned entity of the Public Investment Fund (PIF).
This announcement underscores ACWA Power's continued progress in advancing solar energy initiatives within Saudi Arabia. Earlier in 2024, the company celebrated the full operational status of the Sudair solar power plant, boasting a capacity of 1.5 GW and situated approximately 120 km north of Riyadh, the capital city.
