RIYADH, Aug 01 (Arab News): Saudi utility developer ACWA Power has signed financing agreements valued at SR9.7 billion ($2.58 billion) with a consortium of banks to develop three large-scale solar projects in the Kingdom.
In a statement to Saudi stock exchange Tadawul, the Public Investment Fund-backed firm said that these projects, located in Haden, Muwyah, and Al-Khushaybi in the Makkah and Qassim provinces, will have capacities of 2,000 megawatts, 2,000MW, and 1,500MW, respectively.
The financing agreements were signed by Buraiq Renewable Energy Co., Moya Renewable Energy Co., and Nabah Renewable Energy Co. These firms will be owned by ACWA Power, Badeel - a subsidiary of PIF, and Saudi Aramco Power Co.
ACWA Power owns a 35.1 per cent stake, while Badeel holds a 34.9 per cent stake in each project company.
The development underscores Saudi Arabia's growing role in the renewable energy sector, with the Kingdom aiming to produce 130 gigawatts of green energy by the end of the decade.
ACWA Power secures $2.6b financing for 3 Saudi solar projects
FE Team | Published: September 02, 2024 00:23:29
ACWA Power secures $2.6b financing for 3 Saudi solar projects
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