ACWA Power, Badeel and SAPCO’s 5.5 GW solar PV partnership moves forward in Saudi Arabia
The trio has raised SAR 9.7 billion in financing for the development, design, construction and operation of the 3 projects
Banque Saudi Fransi, Emirates NBD, First Abu Dhabi Bank, HSBC, Mizuho Bank, Riyad Bank, Saudi National Bank, Standard Chartered Bank are the financiers
A total of 5.5 GW of solar PV project capacity in Saudi Arabia, being developed by ACWA Power and partners, has secured financial close with an international bank consortium pitching in with a SAR 9.7 billion ($2.6 billion) financing.
ACWA Power is partners with a wholly-owned subsidiary of the Public Investment Fund (PIF) Badeel, and Saudi Aramco Power Company (SAPCO) for the development of this capacity with a 35.1% share. Badeel owns a 34.9% equity stake in each of these companies.
The trio is developing the 2 GW Haden, the 2 GW Muwayh projects in Makkah province, and the 1.5 GW Al Khushaybi project in Qassim province through Buraiq Renewable Energy Company, Moya Renewable Energy Company, and Nabah Renewable Energy Company, respectively.
Recently, China’s Tongwei revealed itself as the solar module supplier for the Muwayh Solar PV Project (see Tongwei Contracts GW-Scale Solar Module Order In Saudi Arabia).
A consortium of Banque Saudi Fransi, Emirates NBD, First Abu Dhabi Bank, HSBC, Mizuho Bank, Riyad Bank, Saudi National Bank, and Standard Chartered Bank have pooled in the financing for the development, design, construction and operation of the 3 projects.
All of these projects are part of Saudi Arabia’s National Renewable Energy Program (NREP), which aims to achieve a 50% share of renewable energy in its electricity mix by 2030. Recently, the Saudi Power Procurement Company (SPPC) launched round 6 of the NREP tenders for 4.5 GW of solar PV and wind capacity (see Saudi Arabia Launches Call For NREP Round 6 With 4.5 GW Capacity).
ACWA Power says its solar PV portfolio in Saudi Arabia now stands at over 17.8 GW and its total renewable energy capacity portfolio at 35 GW. The company’s EVP for Innovation and New Technology, Thomas Altmann, spoke exclusively with TaiyangNews Managing Director Michael Schmela as part of the TaiyangNews & SNEC 2024 Solar Leadership Conversations series (see SNEC Exclusive: TaiyangNews’ Michael Schmela Interviews ACWA Power’s Thomas Altmann).
.png?w=50&fm=png){kind=logo}