The Saudi energy company ACWA Power has secured SAR9.7bn (US$2.6bn) in financing for the construction of three large-scale solar PV power plants in Saudi Arabia, totalling 5.5 GW. The funds will be used to for the construction and operation of the 2 GW Haden project, the 2 GW Muwayh project and the 1.5 GW Al Khushaybi project, located in the Makkah and Qassim Provinces.
The financing was secured from a consortium of local and international banks, namely Banque Saudi Fransi, Emirates NBD, First Abu Dhabi Bank, HSBC, Mizuho Bank, Riyad Bank, Saudi National Bank, and Standard Chartered Bank. In June 2024 ACWA Power had signed power purchase agreements (PPAs) with the Saudi Power Procurement Company (SPPC) for the three projects.
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 production capacity by 2030 and net-zero emissions by 2060.
Interested in Power Plants?
Enerdata has developed a market research service to screen, monitor and analyse the development of power generation assets.
Power Plant Tracker offers an interactive database and a powerful search engine covering power plants worldwide – including both installed and planned capacities for renewables and fossil fuels.