Including 5 Solar Power Plants and 2 Wind Farms with a Total Capacity of 15,000 MW

ACWA Power completes financial closure for 7 renewable energy projects

ACWA Power Completes Financial Closure for 7 Renewable Energy Projects Worth SAR 22.34 Billion

ACWA Power completed the financial closure on November 27 for seven renewable energy projects in Saudi Arabia, with a total value of SAR 22.34 billion and a combined capacity of 15,000 MW.

In a statement to the Saudi Stock Exchange (Tadawul) on Thursday, the company announced the closure of five major photovoltaic solar power projects located in the central, western, and southern regions of the Kingdom. These projects have a total production capacity of 12,000 MW, distributed across the Afif 1, Afif 2, Al-Hamij, Bisha, and Al-Khulais plants, with capacities of 2,000 MW, 2,000 MW, 3,000 MW, 3,000 MW, and 2,000 MW respectively.

Financing agreements were signed by the project companies represented by Afif First Renewable Energy Company, Afif Second Renewable Energy Company, Al-Humaij First Renewable Energy Company, Bisha First Renewable Energy Company, and Khulais First Renewable Energy Company.

ACWA Power holds a 35.1% stake in each of the project companies, while Badeel Company owns 34.9%, and Aramco Energy owns 30% in each.

The consortium financing the photovoltaic solar power plants included local, regional, and international banks: Ajman Bank, Arab Bank for Investment and Foreign Trade, Alinma Bank, Arab National Bank, China Construction Bank, China Mincheng Bank, Emirates NBD, Eurobank, First Abu Dhabi Bank, HSBC, Industrial and Commercial Bank of China, German Development Bank (KfW), Mizuho Bank, Piraeus Bank, Saudi First Bank, National Commercial Bank, Standard Chartered Bank, and Sumitomo Mitsui Trust Bank.

The financing for these five plants totaled SAR 16.9 billion, or approximately USD 4.5 billion, with a term of approximately 27 years. The financing was secured by a limited guarantee on ACWA Power's share of its reserve liquidity.

The report also identified two related parties: Badeel Company, wholly owned by the Public Investment Fund, and the National Commercial Bank.

Financing Secured for Two Wind Power Plants

ACWA Power announced the financial close for two major wind power projects (Sitara and Shaqra) located in the central region of Saudi Arabia, with a combined generating capacity of 3,000 megawatts.

In a separate statement on the Saudi Stock Exchange (Tadawul) on Thursday, the company stated that the financing agreements were signed by the project companies, represented by Sitara First Renewable Energy Company and Shaqra First Renewable Energy Company. ACWA Power holds a 35.1% stake in each company, while Badeel Company owns 34.9%, and Saudi Aramco Energy Company owns 30%.

The financing consortium for these two projects comprises local and international banks, including Alinma Bank, Bank of China, China Mingsheng Bank, Eurobank, Industrial and Commercial Bank of China, KfW Development Bank, Mizuho Bank, Natixis, Société Générale, Standard Chartered Bank, and Sumitomo Mitsui Trust Bank.

The financing, valued at SAR 5.44 billion (USD 1.45 billion) for approximately 27 years, will fund the development, design, construction, and operation of two wind power plants. The guarantee provided for the financing is a limited guarantee on ACWA Power's share of the reserve liquidity.

It was noted that Badeel, a company wholly owned by the Public Investment Fund, is a related party in these two projects.