A consortium comprising Saudi-listed ACWA Power, the Water and Electricity Holding Company (Badeel), a wholly owned company of PIF and Saudi Aramco Power Company (SAPCO), a wholly owned unit of Aramco, has secured financial close on 5.5 gigawatt (GW) solar PV projects worth 12 billion Saudi riyals ($3.2 billion).

The majority of funding worth SAR 9.4 billion was provided by a consortium of local, regional and international banks, including Banque Saudi Fransi, Mizuho Bank, Riyad Bank, National Commercial Bank, Standard Chartered Bank, Emirates NBD, First Abu Dhabi Bank and HSBC, ACWA Power said in an Arabic statement.

Saudi Power Procurement Company (SPPC) will be the main off-taker of the power produced by the three projects.

Two of these projects – 2 GW Haden and 1.5 GW Muwayh - are in the Makkah region. The 2 GW Al-Khushaybi project is based in the Qassim region.

Commercial operations are scheduled to begin in the first quarter of 2027.
In June, ACWA Power signed power purchase agreements (PPAs) worth SAR 12.3 billion to develop, implement, and operate three major solar PV projects.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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