Acwa Power secures $3bn for Saudi renewable projects

Acwa Power

Saudi renewables major Acwa Power has secured funding of SAR11.4 billion ($3 billion) for two projects in the kingdom.

The company signed a debt financing agreement worth SAR5.7 billion for the development and construction of a 1,800 megawatt (MW) combined cycle power plant in Madinah.

It also signed a deal to obtain SAR5.7 billion in funding to develop and construct a 1,800 MW combined cycle power plant in Qassim.

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The loans, which have a duration of 337 months, were secured from global and local lenders, including Standard Chartered Bank, Bank of China, Riyad Bank, Saudi National Bank, Alinma Bank, The Saudi Investment Bank and Saudi Awwal Bank.

Acwa Power last month secured a $80 million loan from the Bank of China as the appeal of the Chinese Renminbi as a trade currency gained traction in the GCC.

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The energy company, which is backed by the kingdom’s Public Investment Fund, has 75 assets in various development stages and operations in the Middle East, Africa, Central Asia and Southeast Asia.

The total investment value is nearly SAR300 billion, with the capacity to generate 50 gigawatts of power and manage 7.6 million m3 of desalinated water daily.

In 2023, Acwa Power achieved financial closure on 12 projects worth a combined investment cost of SAR60 billion, which includes the Neom green hydrogen project.