ACWA Power, a Saudi Arabian energy company, announced on Thursday that it has secured $2.3 billion in financing for the construction of three solar power plants in the country.
The plants, named Al-Rus 2, Saad 2, and Al-Khafji, are located in the central and northern regions of Saudi Arabia and will have a combined capacity of 4.55 gigawatts of photovoltaic solar energy.
The total investment cost of the projects is $3.4 billion, of which $2.3 billion will be financed by a consortium of local and international banks. ACWA Power will hold a 50.1% stake in each of the three projects.
The financing consortium includes Saudi Arabia’s First Saudi Bank, Saudi French Bank, Mizuho Bank, Riyadh Bank, Saudi National Bank, Standard Chartered Bank, and HSBC.
The related parties in the transaction include Badeel, a company owned by the Public Investment Fund, which is a partner in each of the three project companies with a 49.9% stake, and Saudi National Bank, which is a member of the financing consortium for the projects.
