The Saudi company ACWA Power and its partners, namely Saudi Arabia's Water and Electricity Holding Company (Badeel) and Saudi Aramco Power Company (SAPCO), have reached financial close on 5.5 GW of solar PV projects in Saudi Arabia.
The projects include the 2 GW Haden project, the 2 GW Muwayh project, and the 1.5 GW Al Khushaybi project, located in Makkah and Qassim provinces of Saudi Arabia. The three solar parks, which require a total investment of SAR12bn (US$3.2bn), are planned for commissioning in the first quarter of 2027. The power they produce will be sold to the Saudi Power Procurement Company (SPPC).
The main financing for the projects was provided by a consortium of local and international banks, including Banque Saudi Fransi, Emirates NBD, First Abu Dhabi Bank, HSBC, Mizuho Bank, Riyad Bank, Saudi National Bank, and Standard Chartered Bank.
At the end of 2023, installed solar capacity (2.3 GW) represented 2.5% of Saudi Arabia’s total capacity and less than 1% of its power generation. The country plans to reach 50% renewable energy in the power mix by 2030 and net-zero emissions by 2060.
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