Saudi consortium secures funds for 5.5 GW of projects

Saudi Arabia

RIYADH, September 30, 2024 – ACWA Power, the Water & Electricity Holding Company (Badeel) and Saudi Aramco Power Company (SAPCO) secured funding for three solar projects totalling a combined capacity of 5.5 GW, ACWA Power announced on Sunday.

The total funding will amount to USD 3.2 billion and will cover three projects, the Haden and Muwayh plants in the Makkah region, and the Al Khushaybi plant in the Qassim region. The Haden and Muwayh plants will have capacities of 2 GW each, while the Khushaybi plant will have a capacity of 1.5 GW.

USD 2.5 billion in senior debt is being provided by a consortium of banks that includes Banque Saudi Fransi, Mizuho Bank, Riyad Bank, Saudi National Bank, Standard Chartered Bank, Emirates NBD, First Abu Dhabi Bank and HSBC.

The consortium of developers and the Saudi Power Procurement Company signed a power purchase agreement for the projects in June 2024. The solar projects form a part of Saudi Arabia’s National Renewable Energy Programme. The programme includes the ambitious target of achieving 130 GW of renewables capacity by 2030.

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