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, the company said in a statement issued to the Saudi Stock Exchange on Sunday.
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 includes Banque Saudi Fransi, Emirates NBD, First Abu Dhabi Bank, HSBC, Mizuho Bank, Riyad Bank, Saudi National Bank, and Standard Chartered Bank.
Haden, Muwayh, and Al Khushaybi projects are located in Makkah and Qassim Province with a production capacity of 2,000 megawatts (MW), 2,000 MW and 1,500 MW, respectively. ACWA Power owns a 35.1 percent stake, while Badeel holds a 34.9 percent 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.
ACWA Power Signs SAR 9.7B Agreements For Three Solar Plants
