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Saudi utility ACWA Power has completed the financial closing for its projects worth more than $14 billion in the last 12 months.
The fundings, the largest in the company’s history, are for 10 major projects, which include renewables, water desalination and green hydrogen, in Saudi Arabia, Egypt and Uzbekistan.
Financing for the projects has been sourced from several local and international financial institutions and infrastructure development funds, the company said in a statement on Wednesday.
“The past 12 months marks a historic milestone for us, as it represents the highest number of projects we have ever successfully achieved financial closure for within 12 months,” said Abdulhameed Al Muhaidib, CFO of ACWA Power.
One of the key projects ACWA Power has achieved financial close for is the $8.5 billion Neom Green Hydrogen facility that is under construction in Saudi Arabia, said to be the world’s largest.
ACWA Power also achieved financial close for the Ar Rass solar PV and the Al Shuaibah 1 and Al Shuaibah 2 solar PV projects, which are part of the kingdom’s National Renewable Energy Program, three wind projects in Uzbekistan; the Kom Ombo solar project in Egypt; the Shuaibah 3 IWP and the Rabigh 4 IWP in Yanbu.
(Writing by Cleofe Maceda; editing by Seban Scaria)
