ACWA Power secures $2.6 billion for five.5 GW of photo voltaic in Saudi Arabia – pv journal International

ACWA Power has secured SAR 9.7 billion ($2.6 billion) from a consortium of native, regional and worldwide banks for the event, building and operation of three photo voltaic vegetation in Saudi Arabia. It will construct three amenities in Makkah and Qassim with capacities of two GW, 2 GW, and 1.5 GW.

Buraiq Renewable Energy Co., Moya Renewable Energy Co., and Nabah Renewable Energy Co. signed financing agreements. ACWA Power has a 35.1% stake in every firm, whereas Badeel, an entirely owned subsidiary of the Public Investment Fund of Saudi Arabia, has 34.9%. Held by Saudi Aramco Power Co. the remainder.

Financing consists of banks resembling Banque Saudi Fransi, Emirates NBD, First Abu Dhabi Bank, HSBC, Mizuho Bank, Riyad Bank, Saudi National Bank, and Standard Chartered Bank. The agreements cowl roughly 27.3 years, with ACWA Power’s assure restricted to the bridge mortgage and reserve capital.

Saudi Arabia’s photo voltaic capability stands at 2,285 MW by the tip of 2023, in line with figures from the International Renewable Energy Agency (IRENA). The nation goals to get at the least half of its electrical energy from renewable sources by the tip of the last decade.

In July, ACWA Power secured $533 million for Central Asia’s largest battery storage undertaking to this point – a 200 MW photo voltaic plant and 500 MWh battery power storage system in Uzbekistan.