photovoltaic

ACWA Power, Badeel and SAPCO announce financial close on 5.5 GW of photovoltaic projects in Saudi Arabia

These projects, valued at $3.2 billion, aim to generate a combined capacity of 5.5 GW of solar energy for Saudi Arabia.
Saudi Arabian company ACWA Power, PIF subsidiary Badeel and Saudi Aramco Power Company (SAPCO) have achieved financial close on the Haden, Muwayh and Al Khushaybi solar photovoltaic (PV) projects.

These projects, valued at $3.2 billion, aim to generate a combined capacity of 5.5 GW of solar energy for Saudi Arabia.

The projects are an integral part of Saudi Arabia’s National Renewable Energy Programme (NREP), in line with the kingdom’s goal of developing 70 per cent of its renewable energy capacity by 2030.

The Haden and Muwayh plants are located in the Makkah region, while Al Khushaybi is in the Qassim region.

A consortium of local, regional and international banks provided $2.5 billion in senior debt financing for the projects.

Lenders include Banque Saudi Fransi, Mizuho Bank, Riyad Bank, Saudi National Bank, Standard Chartered Bank, Emirates NBD, First Abu Dhabi Bank and HSBC.
Acwa Power aims to consistently deliver cost-effective energy, says CEO

Commenting on the development, Marco Arcelli, CEO of ACWA Power, said: “We are delighted to announce the successful financial closure of these landmark projects, which bring us one step closer to achieving Saudi Arabia’s long-term ambitions.

“The financial closure of the projects demonstrates our dedication and commitment to delivering clean, consistent and cost-effective energy.”

He emphasised the company’s dedication to providing clean, consistent and cost-effective energy to Saudi Arabia.

Sultan AlNabulsi, Acting CEO of Badeel, highlighted the importance of these projects in supporting Saudi Arabia’s renewable energy sector and contributing to PIF’s commitment to develop 70 percent of the Kingdom’s renewable energy by 2030.

Waleed Al Saif, Senior Vice President of New Energy at Saudi Aramco, highlighted the company’s partnership with ACWA Power and Badeel to boost the Kingdom’s renewable energy sector and meet the growing demand for energy with lower emissions.

The financial closure of these projects follows PIF’s recent investments in the renewable energy value chain, including three new joint ventures to enhance local production of wind turbines and solar PV components.

With the addition of these three projects, ACWA Power’s solar portfolio in Saudi Arabia now stands at 14 projects, representing a total capacity of more than 17.8 GW. This brings the company’s total renewable capacity portfolio to 35 GW.