ACWA Power secures $2.6 billion financing for 5.5 GW solar power plant

• 2 months ago (2024-09-05)
• David Flin

Middle East 326 Solar 272

---

ACWA Power has secured $2.6 billion in financing for the construction in Saudi Arabia of three large-scale solar PV power plants totalling 5.5 GW.

The funds will be used for the construction and operation of the 2 GW Haden project, the 2 GW Muwayh project, and the 1.5 GW Al Khushaybi project, these being located in the Makkah and Qassim provinces.

Financing is from a consortium of banks, both local and international, consisting of: Banque Saudi Fransi, Emirates NBD, First Abu Dhabi Bank, HSBC, Mizuho Bank, Riyad Bank, Saudi National Bank, and Standard Chartered Bank.

ACWA Power signed PPAs in June 2024 with the Saudi Power Procurement Company (SPPC) for the three projects.

At the end of 2023, installed solar capacity in Saudi Arabia amounted to 2.3 GW, 2.5 per cent of Saudi Arabia’s total capacity and provided less than 1 per cent of its power generation. The country plans to reach 50 per cent renewable energy in production capacity by 2030 and net zero emissions by 2060.