PVTIME – ACWA Power, the Saudi Arabian energy giant, has recently secured SAR 9.7 billion (approximately US$2.6 billion) in financing from a consortium of banks for the construction and operation of three utility-scale solar PV power plants in Saudi Arabia.
The financing agreements were signed by Buraiq Renewable Energy Co., Moya Renewable Energy Co. and Nabah Renewable Energy Co. which are owned by ACWA Power, Badeel, a subsidiary of PIF, and Saudi Aramco Power Co. with a consortium of local and international banks, namely Banque Saudi Fransi, Emirates NBD, First Abu Dhabi Bank, HSBC, Mizuho Bank, Riyad Bank, Saudi National Bank and Standard Chartered Bank, with a financing term of 27.3 years.
The funds will be used for the development, construction and operation of the 2GW Haden Project, the 2GW Muwayh Project and the 1.5GW Al Khushaybi Project, located in Makkah and Qassim Provinces, with a combined capacity of 5.5GW. The levelized cost of energy (LCOE) for the Haden plant is $0.0158 per kWh, $0.0160 per kWh for Muwayh and $0.0167 per kWh for Al Khushaybi.
The new funds and investment in solar projects are crucial for the Kingdom to reduce carbon emissions, as Saudi Arabia aims to generate at least 50% of its electricity from renewable sources by 2030.
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