ACWA POWER Company (ACWA Power) announces the signing of the financing documents for 3 large-scale PV solar plants in the Kingdom of Saudi Arabia.
| Element List | Explanation |
|---|---|
| Introduction | ACWA Power announces
the signing of the financing documents for 3 large-scale PV solar plants, namely Haden, Muwayh, and Al Khushaybi, located in Makkah and Qassim Province with a production capacity of 2,000MW, 2,000MW and 1,500MW of renewable power, respectively.
Buraiq Renewable Energy Company, Moya Renewable Energy Company and Nabah Renewable Energy Company signed the financing agreements as the respective project companies, all of which will be owned by ACWA Power, Badeel (a wholly owned subsidiary of PIF), and Saudi Aramco Power Company.
ACWA Power’s effective shareholding in each is 35.1%. |
| Date of obtaining the funding | 2024-08-29 Corresponding to 1446-02-25 |
| Financing entity | A consortium of local, regional and international banks including (Banque Saudi Fransi, Emirates NBD, First Abu Dhabi Bank , HSBC, Mizuho Bank, Riyad Bank, Saudi National Bank, Standard Chartered Bank). |
| Financing amount. | SAR 9.7 billion
(USD 2.6 billion) |
| Financing duration. | Approximately 27.3 years |
| Guarantees offered for the financing | For ACWA Power, limited to its equity bridge loan, standby equity. |
| Financing objective | Development, design, construction and operation of 3 Solar PV Power plants. |
| Related Parties | - SNB
- Badeel, a wholly owned company of the Public Investment Fund, will be a partner in this project with a 34.9% equity stake in each of the three project companies. |
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