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.
Comments
{{DisplayName}}
{{ElapsedTime}}