ACWA Power Co. head office
ACWA Power Co.revealed the satisfaction of the conditions precedent to the drawdown of the credit centers to money Ar Raas 2, Saad 2 and Al Kahfah solar PV tasks in main and north Saudi Arabia.
The 3 massive jobs have a production capability of 4.55 gigawatt (GW) of solar PV energy, with an overall financial investment expense of $3.4 billion (SAR 12.8 billion), consisting of $2.3 billion (SAR 8.6 billion) to fund jobs at a non-recourse basis.
ACWA Power owns a 50.1% stake in each of the 3 tasks.
ACWA Power protected the funding center on Feb. 14, 2024, from a consortium of regional, local and worldwide banks, consisting of Saudi Awwal Bank (SAB), Banque Saudi Fransi (BSF), Mizuho Bank, Riyad Bank, Saudi National Bank (SNB), Standard Chartered Bank and HSBC, at an overall worth of $2.3 billion (SAR 8.6 billion).
The credit center tenor will extend for 27.75 years, ensured by ACWA Power pro-rata share of an equity swing loan, standby equity and reserve account.
Water and Electricity Holding Company (Badeel), a 100% subsidiary of the general public Investment Fund (PIF), has a stake of 49.9% in each of the 3 job business. SNB is among the funding entities. Both relate celebrations, the declaration included.