Saudi Arabia-based ACWA Power, alongside Badeel and Saudi Aramco’s SAPCO, has secured $3.2 billion in funding for three solar PV projects – Haden, Muwayh, and Al Khushaybi. As per ACWA Power, these projects will generate 5.5 GW of solar energy, supporting Saudi Arabia’s National Renewable Energy Program. The 2 GW Haden and Muwayh plants, located in Makkah, and the 1.5 GW Al Khushaybi plant in Qassim, will be co-owned by the three companies, with SPPC purchasing the electricity. The projects align with the Public Investment Fund’s 2030 goal of 70% renewable energy capacity. HSBC, Banque Saudi Fransi, and Standard Chartered Bank provided $2.5 billion in debt financing.
ACWA Power closes financing for $3.2 billion solar projects
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