ACWA Power has reached financial close on the 1.5GW Sudair solar photovoltaic (PV) plant in Saudi Arabia's Sudair Industrial City. The project is the first under the Public Investment Fund (PIF) Renewable Energy Program, which supports the country's ongoing energy transition and diversification.
The financing sponsor group includes Mizuho Bank, Riyad Bank, Korea Development Bank, Arab Petroleum Investments (APICORP), Al Rajhi Banking & Investment and Standard Chartered Bank. Equity bridge facilities were provided by the Bank Al Bilad, Saudi British Bank and SMBC International.
When finished, the programme aims to deliver 70% of the renewable energy in Saudi Arabia under the National Renewable Energy Program (NREP) and will be Saudi Arabia’s largest single-contracted solar PV plant. It will have the capacity to power 185,000 homes while offsetting nearly 2.9m tonnes of carbon emissions a year.
For more information, please visit EICDataStream.