Acwa Power and its partners have secured $2.6bn of financing for three solar PV plants in Saudi Arabia with 5.5GW capacity. Acwa, the Badeel subsidiary of Saudi Arabia’s PIF sovereign wealth fund and Saudi Aramco signed power purchase agreements (PPA) with the Saudi Power Procurement Company (SPPC) barely two months ago on 26 June (MEES, 28 June), and Acwa CEO Marco Arcelli hailed the speed at which the partners have secured financing as symbolic of the speed of Saudi Arabia’s decarbonization programs.
In a 1 September filing to the country’s Tadawul stock exchange, Acwa Power announced the signing of financing documents for the 2GW Haden, 2GW Al-Muwaih and 1.5GW Khushaybi plants. New operating companies have been established to operate each plant - Buraiq Renewable Energy Company, Moya Renewable Energy Company and Nabah Renewable Energy Company respectively – in which Acwa Power holds a 35.1% stake, Badeel has 34.9% and Aramco the remaining 30%. (CONTINUED - 847 WORDS)
