ACWA Power, Aramco consortium obtains $600m financing for Saudi largest solar project: CNBC Arabia

Update ACWA Power, Aramco consortium obtains $600m financing for Saudi largest solar project: CNBC Arabia
The project is pegged to be the biggest solar PV plant in Saudi Arabia. (Shutterstock)
Short Url
Updated 25 August 2021

ACWA Power, Aramco consortium obtains $600m financing for Saudi largest solar project: CNBC Arabia

ACWA Power, Aramco consortium obtains $600m financing for Saudi largest solar project: CNBC Arabia

RIYADH: A consortium of ACWA Power, Saudi Aramco, and PIF-owned Badeel, will obtain financing for the 1.5GW Al-Sudair solar scheme of $600 million at 110 basis points (bp) with fees at 150bp, a banking source told CNBC Arabia.

Aramco has joined the deal by taking a 30 percent equity stake alongside ACWA Power and Badeel, a Public Investment Company.

A document seen by CNBC Arabia showed that 27 percent of the cost being funded through an equity bridge loan.

PIF declined to comment, while Acwa didn't respond to emails requesting comments.