Acwa Power reached financial close on five solar plants and two wind farms across the Kingdom valued at a total of SAR 22.3 bn, according to Tadawul disclosures. The financing packages span around 27 years and cover development, construction, and operation.

SOLAR- A total of SAR 16.9 bn (USD 4.5 bn) was secured for the solar projects, which include the Afif 1, Afif 2, Humaij, Bisha, and Khulis plants, with a total capacity of 12 GW. The financing was secured through a syndicate of local, regional, and international banks, including Ajman Bank, Al Masraf, Alinma Bank, Arab National Bank, China Construction Bank, China Minsheng Bank, Emirates NBD, Eurobank, First Abu Dhabi Bank, HSBC, Industrial and Commercial Bank of China, KfW Development Bank, Mizuho, Piraeus Bank, Saudi Awwal Bank, Saudi National Bank, Standard Chartered Bank, and Sumitomo Mitsui Trust Bank.

WIND- The two wind farms — Starah and Shaqra — secured SAR 5.44 bn (USD 1.45 bn) in funding and will have a total capacity of 3 GW. The funding was secured through a syndicate of Alinma Bank, Bank of China, China Minsheng Banking Corporation, Eurobank, Industrial and Commercial Bank of China, KfW IPEX, Mizuho, Natixis, Société Générale, Standard Chartered, and Sumitomo Mitsui Trust Bank.

The ownership: Acwa Power holds a 35.1% stake in each project, alongside PIF subsidiary Badeel with 34.9% and Aramco Power with 30%.

ICYMI- The project companies inked EPC contracts with a bunch of Chinese firms for the seven projects last month, and the power purchase agreements for the projects were signed with the Saudi Power Procurement Company last July.

Tags: