ACWA Power Co. announces in a statement the finalization and signing of the financing agreements with the financing consortium for Al Shuaibah 1 and Al Shuaibah 2 PV projects at total investment cost of SAR 8.3 billion (USD 2.2 billion), funded by a combination of long-term debt and equity.

The consortium includes ACWA Power; Electricity Holding Company (Badeel), a wholly owned company by the Public Investment Fund (PIF); and Saudi Aramco, with ACWA Power holding a 35% equity stake.

Each Project comprise the development, design, permitting, engineering, financing, procurement, construction, commissioning, testing, completion, ownership, insurance, operation, and maintenance of each Project.

The total financing consists of SAR 6.1 billion (USD 1.6 Billion) senior debt which includes a SAR 1.7 billion (USD 0.45 billion) Saudi Riyal-denominated loan from the National Development Fund (NDF) on behalf of the National Infrastructure Fund (NIF), under foundation. as well as SAR 4.4 billion (USD 1.2 billion) US-dollar denominated commercial facility from a consortium of local, regional and international banks (Bank Saudi Fransi, First Abu Dhabi Bank, Mizuho Bank, Riyad Bank, Saudi National Bank, Standard Chartered Bank and Saudi Investment Bank)

Both Badeel and SNB who are among the parties of this transaction are related parties to ACWA Power in accordance with the regulatory definition of a related party, statement mentioned.