ACWA Power Company, Saudi Arabia announces the financial close for a combined capacity of 15,000 MW Renewable Energy Projects.
Solar PV Projects
The Projects includes Afif1, Afif2, Humaij, Bisha and Khulis, located in the central, western, and southern regions of Saudi Arabia, with production capacities of 2,000MW, 2,000MW, 3,000MW, 3,000MW and 2,000MW of solar PV renewable power, respectively.
Afif One Renewable Energy Company, Afif Two Renewable Energy Company, Humaij One Renewable Energy Company, Bisha One Renewable Energy Company, and Khulis One Renewable Energy Company are the respective counterparties for the financing agreements, where ACWA Power’s effective shareholding in each is 35.1% while Badeel, and Saudi Aramco Power Company own 34.9% and 30%, respectively.
A consortium 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.
The financing amount is approximately USD 4.5 billion. The duration of financing is 27 years.
Wind Power Projects
The two large-scale wind power plants, namely Starah and Shaqra, located in the central region of Saudi Arabia, with production capacities of 2,000MW and 1,000MW of wind renewable power, respectively.
Starah First Renewable Energy Company and Shaqra First Renewable Energy Company are the respective counterparties for the financing agreements, where ACWA Power’s effective shareholding in each is 35.1% while Badeel and Saudi Aramco Power Company own 34.9% and 30%, respectively.
A consortium of local and international banks including 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 financing amount is approximately USD 1.45 billion. The duration of financing is 27 years.
The financing objectives includes Development, design, construction and operation of five solar PV Plants and two Wind Power plants, company stated.
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