ACWA Secures Bank Funding Worth USD 2.6 Billion for Solar Projects

ACWA Power, Saudi Arabia’s largest private sector power and water company, has secured funding from a consortium of banks for three major solar projects.

With investments worth USD 2.6 billion (SAR 9.7 billion) from Banque Saudi Fransi, Emirates NBD, First Abu Dhabi Bank, HSBC, Mizuho Bank, Riyad Bank, Saudi National Bank and Standard Chartered Bank, ACWA plans to develop, construct and operate three solar power plants in Makkah and Qassim Province. Two of the plants will have a production capacity of 2,000 megawatts (MW), while the third will produce 1,500 MW.

ACWA Power owns a 35.1% stake in the projects, and its cosignatories, Badeel and Saudi Aramco Power Company own a 34.9% and 30% stake, respectively.