ACWA Power, Badeel, Aramco reach financial close for SAR 6.1 bln Shuaibah I, II

Logo of ACWA Power Co.

The consortium of ACWA Power Co., Water and Electricity Holding Co. (Badeel), and Saudi Aramco announced the financial closure of Shuaibah I and II Independent Water and Power Projects (IWPPs), with a total capacity of more than 2.6 gigawatts (GW).

According to Saudi Press Agency, the total financing for the two solar PV projects includes a long-term finance worth SAR 6.1 billion, SAR 1.7 billion of which was provided by the National Development Fund, on behalf of the National Infrastructure Fund (under construction). A financing consortium of local, regional and international banks also contributed SAR 4.43 billion ($1.18 billion).

The Saudi Power Procurement Co. (Principal Buyer) is responsible for offering the projects and purchasing energy. Shuaibah I and II IWPPs are owned by Badeel (34.99%), Aramco (30%), and ACWA Power (35.01%).

Located at Shuaibah in Makkah, the production capacity of Shuaibah I and II IWPPs amounts to 600 megawatts and 2,031 megawatts, respectively.

Both projects are expected to supply about 450,000 residential units with electricity, at a total investment cost of SAR 8.3 billion. Commercial operations are scheduled to begin in 2025.