ACWA Power announced it reached financial close for three solar PV power plant projects under the second round of the feed-in tariff program. The three projects have a total capacity of 165.5 MW at a total investment value of USD 190 mn. 75% of the project cost is financed through a non-recourse project debt from European Bank for Reconstruction and Development and Industrial and Commercial Bank of China. The remaining 25% will be coming through equity capital from the sponsors. Construction of the projects will begin in 1Q2018 and are set to begin operations by 4Q2018.

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