ACWA Power, Saudi Arabia announces that it has signed financing agreements for three major solar photovoltaic (PV) projects – Haden, Muwayh and Al Khushaybi – in Makkah and Qassim Provinces, each with a production capacity of 2,000 MW, 2,000 MW, and 1,500 MW, respectively.

The agreements were signed with the project companies represented by Buraiq Renewable Energy, Moya Renewable Energy Co., and Nabah Renewable Energy Co. These companies are jointly owned by ACWA Power, Water and Electricity Holding Co. (Badeel), wholly owned by the Public Investment Fund and Saudi Aramco Power Co.

The secured financing value is SAR 9.7 billion ($2.6 billion) for the duration of 27.3 years in order to development, design, construction, and operation of three solar PV power plants.

The financing entity included consortium of local, regional, and international banks such as Banque Saudi Fransi, Emirates NBD, First Abu Dhabi Bank (FAB), HSBC, Mizuho Bank, Riyad Bank, Saudi National Bank (SNB), and Standard Chartered Bank.

ACWA Power owns 35.1% of each company in the project. The company’s guarantee is limited to its bridge loan and standby liquidity. SNB and Badeel are related parties to the contract. Badeel holds a 34.9% stake in the three project companies.