ACWA Power, Badeel and SAPCO announce financial close of key solar projects

Photo: ACWA Power

Saudi Arabia’s ACWA Power, a subsidiary of PIF Badeel, and Saudi Aramco Power Company (SAPCO) have secured the financial close of the Haden, Muwayh and Al Khushaybi photovoltaic (PV) projects.

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

The projects are an integral part of Saudi Arabia’s National Renewable Energy Program (NREP) and are in line with the kingdom’s goal of using 70% of its target renewable energy generation capacity by 2030.

The Haden and Muwayh plants are located in the Makkah region, while Al Khushaybi is located 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’s goal is to continuously provide cost-effective energy, says its CEO

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

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

He emphasized the company’s commitment 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 renewable energy in the kingdom by 2030.

Waleed Al Saif, vice president of New Energies at Saudi Aramco, highlighted the company’s partnership with ACWA Power and Badeel to grow the UK’s renewable energy sector and meet growing energy demand with lower emissions.

The financial close of these projects follows PIF’s recent investments in the renewable energy value chain, including three new joint ventures aimed at increasing local production of wind turbine and photovoltaic components.

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