Saud-based ACWA Power has completed the financial closing for its projects worth more than $14 billion in the last 12 months.
The funding, for the 10 major projects are said to be the landmark investments in the company’s history, which include renewables, water desalination and green hydrogen, in Saudi Arabia, Egypt and Uzbekistan.
The firm said that the project financing has been sourced from several local and international financial institutions and infrastructure development funds.
“The past 12 months marks a historic milestone for us, as it represents the highest number of projects, we have ever successfully achieved financial closure for within 12 months,” said Abdulhameed Al Muhaidib, CFO of ACWA Power.
It may be noted that the world’s largest Neom Green Hydrogen facility, one of the key projects of ACWA Power that is under construction in Saudi Arabia, has achieved financial close of $8.5 billion.
In addition, ACWA Power also achieved financial close for the Ar Rass solar PV and the Al Shuaibah 1 and Al Shuaibah 2 solar PV projects, which are part of the kingdom’s National Renewable Energy Program, three wind projects in Uzbekistan; the Kom Ombo solar project in Egypt; the Shuaibah 3 IWP and the Rabigh 4 IWP in Yanbu.