Saudi-listed ACWA Power, Badeel, a subsidiary of the Public Investment Fund, and Saudi Aramco have signed the financing agreements for five solar PV projects with a cumulative capacity of 12,000 gigawatts (GW).
These projects will supply clean electricity to the Saudi Power Procurement Company (SPPC) under long-term power purchase agreements (PPAs), ACWA Power said in a post on X.
The projects form an integral part of the National Renewable Energy Programme (NREP), led and supervised by the Ministry of Energy, and reflect PIF’s commitment to develop 70 percent of the Kingdom’s renewable energy target capacity by 2030.
Participating banks included Arab National Bank, Alinma Bank, Bank Al Bilad, Emirates NBD, HSBC, FAB, Mizuho, SNB, Standard Chartered, Al Masraf, Ajman Bank, China Minsheng Bank, China Construction Bank, Sumitomo Mitsui Trust Bank, Eurobank, Industrial and Commercial Bank of China, KfW Development Bank, National Bank of Bahrain, Piraeus Bank, Saudi Awwal Bank and Saudi Investment Bank.
In July, ACWA Power signed 25-year Power Purchase Agreements (PPAs) worth 22.5 billion Saudi riyals ($5.9 billion) for five solar PV projects with a total combined capacity of 12 GW.
Afif1, Afif2, Humaij, Bisha and Khulis solar PV plants, located in the central, western and southern regions of Saudi Arabia have production capacities of 2,000 MW, 2,000 MW, 3,000 MW, 3,000 MW and 2,000 MW respectively.
