Saudi companies secure funding for solar projects
A consortium of Saudi companies has secured financial close on 5.5 GW solar PV projects worth SAR 12 billion ($3.2 billion).
Image for illustration purposes.
Saudi Arabia, Riyadh: A consortium comprising ACWA Power, the Water and Electricity Holding Company (Badeel), a wholly owned company of PIF and Saudi Aramco Power Company (SAPCO), a wholly owned unit of Aramco, has secured financial close on 5.5 GW solar PV projects worth SAR 12 billion ($3.2 billion). The majority of the SAR 9.4 billion funding was provided by a consortium of local, regional and international banks, including Banque Saudi Fransi, Mizuho Bank, Riyad Bank, National Commercial Bank, Standard Chartered Bank, Emirates NBD, First Abu Dhabi Bank and HSBC.
Saudi Power Procurement Company (SPPC) will be the main off-taker of the power produced by the projects. Two of them, the 2 GW Haden and 1.5 GW Muwayh projects, are in the Makkah region. The 2 GW Al-Khushaybi project will be located in the Qassim region.
Commercial operations are set to begin in the first quarter of 2027. ACWA Power signed power purchase agreements (PPAs) worth SAR 12.3 billion in June to develop, implement, and operate three major solar PV projects.
Source: Zawya
