ACWA Power Secured $2.3 Billion for 4.55 GW of Solar Power Projects

ACWA Power, a leading Saudi energy provider, has secured USD 2.3 billion in debt financing from a consortium of local, regional, and international banks to build three massive solar power plants in Saudi Arabia: Ar Rass 2, Saad 2, and Al Kahfah. With a combined capacity of 4.55 gigawatts (GW), these plants are expected to significantly reduce greenhouse gas emissions and contribute to Saudi Arabia's ambitious renewable energy goals.

The projects, located in the central and northern regions of the country, represent a total investment of USD 3.4 billion and are part of Saudi Arabia's National Renewable Energy Program, which aims to have 70% of its energy needs met by renewable sources by 2030.

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The consortium of banks, including Banque Saudi Fransi, Mizuho Bank, Riyad Bank, Saudi National Bank, Standard Chartered Bank, Saudi Awwal Bank, and HSBC, contributed the funds.

Recently, ACWA Power announced the commencement of operations for the 1.5 GW Sudair solar power plant. For more information on solar power projects in Saudi Arabia, you can explore ACWA Power's announcements or access our Saudi solar projects database.

About ACWA Power

ACWA Power is a Saudi Arabian developer, investor, and operator of power generation and water desalination plants. They have a portfolio of 77 assets in operation, construction, or advanced development across 12 countries. Their portfolio has an investment value of USD 84.7 billion and can generate 53.7 GW of power and produce 7.6 million m3/day of desalinated water. ACWA Power has several exciting upcoming projects across its various areas of expertise. Here are a few to highlight:

• Indonesia Green Hydrogen Project
• 500MW Azerbaijan Solar and Wind Projects
   

 ACWA Power plays a crucial role in diversifying the Saudi economy away from oil dependence. By investing heavily in renewable energy and water desalination projects, they create new industries, attract foreign investment, and generate jobs outside the oil sector.

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