ACWA Power Consortium Invests USD 2.2 Billion for Deploying Al-Shuaibah Solar Projects
By Q4 of 2025, the 2,060 MW solar photovoltaic project is expected to begin operating for profit.
July 18, 2023. By EI News Network
In addition, a group of local, regional, and foreign institutions, comprising Bank Saudi Fransi, First Abu Dhabi Bank, and Mizuho Bank, facilitated a commercial facility of SR4.4 billion in US dollars.
Riyad Bank, the Saudi National Bank, Standard Chartered Bank, and the Saudi Investment Bank are the other banks in the alliance.
To construct the solar power plant with the ability to power 350,000 homes, ACWA Power and the Water and Electricity Holding Co., also known as Badeel, inked PPAs in November.
By Q4 of 2025, the 2,060 MW solar photovoltaic project is expected to begin operating for profit.
The consortium comprised the Saudi Arabian Oil Company and the Public Investment Fund unit Badeel, with ACWA Power owning a 35 percent equity interest.
The project, which is a part of Saudi Arabia's energy transition strategy, displays the significance of giga-scale development in sustainable energy for attaining the objectives of Vision 2030.
By 2030, the PIF needs to generate 70 percent of the Kingdom's potential for renewable energy.
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