Al-Shuaibah solar projects receive $2.2 billion in funding from ACWA Power

The ACWA Power-led consortium has completed funding for Al-Shuaibah 1 and Al-Shuaibah 2, totalling SR8.3 billion ($2.2 billion) in investment. The main partners in the financing structure, which combines long-term debt and equity, are ACWA Power, Badeel, and Saudi Aramco. Acme Power has a 35 per cent equity position in the projects.

The total investment of SR 8.3 billion consists of a SR1.7 billion loan from the National Development Fund on behalf of the National Infrastructure Fund and SR6.1 billion in senior debt. This funding is in addition to a business lending facility of SR4.4 billion provided by the group of local, regional, and foreign institutions, including First Abu Dhabi Bank, Mizuho Bank Saudi Fransi, Standard Chartered Bank, Riyad Bank, Saudi Investment Bank and Saudi National Bank.

In November 2022, ACWA Power and Badeel signed agreements to build a solar power facility which has a capacity to power 350,000 homes. By the fourth quarter of 2025, the 2,060 MW solar photovoltaic project is anticipated to commence operations.