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Saudi Arabia secures funds for 5.5GW solar projects

By Pramod Kumar
The Saudi solar projects in Haden, Muwayh and Al Khushaybi are expected to begin commercial operations in the first quarter of 2027 Unsplash.com/Antonio Garcia
The Saudi solar projects in Haden, Muwayh and Al Khushaybi are expected to begin commercial operations in the first quarter of 2027

The developers of solar power projects worth SAR12 billion ($3.2 billion) with a combined output of 5.5 gigawatts (GW) in Saudi Arabia have secured financing for their projects.

Saudi-listed Acwa Power, Water and Electricity Holding Co (Badeel), a Public Investment Fund (PIF)-owned company, and Saudi Aramco Power Co (Sapco), a wholly-owned subsidiary of energy major Aramco, have reached financial close for the Haden, Muwayh and Al Khushaybi projects.

A consortium of banks, including Banque Saudi Fransi, Mizuho Bank, Riyad Bank, Saudi National Bank, Standard Chartered Bank, Emirates NBD, First Abu Dhabi Bank, and HSBC, have provided SAR9.4 billion in financing.

The Haden and Muwayh plants, each with a capacity of 2GW, are located in the Mecca region, while the 1.5GW Al Khushaybi plant will be built in the Qassim region. The projects are expected to begin commercial operations in the first quarter of 2027.

The state-run Saudi Power Procurement Company (SPPC) signed power purchase agreements for these three projects in June.

Acwa Power’s solar portfolio in Saudi Arabia currently includes 14 projects, with a capacity of more than 17.8GW.

In June, Saudi Arabia said it had awarded 21 renewable energy projects, generating over 19GW under the National Renewable Energy Programme.

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