ACWA Power and Partners Secure Financing for 5.5 GW Solar Projects in Saudi Arabia

ACWA Power Co, alongside its partners—the state-owned Water and Electricity Holding Company (Badeel) and Saudi Aramco Power Company (SAPCO)—has successfully achieved financial closure for a series of solar projects totaling 5.5 GW in Saudi Arabia, valued at approximately SAR 12 billion (USD 3.2 billion / EUR 2.8 billion).

The portfolio comprises three major projects: the 2-GW Haden, 2-GW Muwayh, and 1.5-GW Al Khushaybi, all situated in Makkah and Qassim Provinces. ACWA Power announced that these power plants are set to become operational in the first quarter of 2027, with electricity generated to be sold to the Saudi Power Procurement Company (SPPC).

The financing package, amounting to SAR 9.4 billion, was secured from a consortium of local, regional, 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.

In collaboration with SAPCO and Badeel—an entity of Saudi Arabia's sovereign wealth fund PIF—ACWA Power is currently developing various energy projects that collectively aim for a production capacity of 13.6 GW. This includes solar initiatives such as Sudair, Shuaiba 2, Ar Rass 2, Al Kahfah, and Saad 2.

With this latest development, ACWA Power's solar photovoltaic portfolio has grown to encompass 14 projects with a combined capacity exceeding 17.8 GW, bringing the company’s total renewable energy portfolio to 35 GW.