Saudi ACWA Power reach closure for $2.4bln Al-Shuaibah solar projects

Saudi ACWA Power has reached a financial close of $2.37 billion Al Shuaibah 1 and Al Shuaibah 2 solar PV projects which will generate an aggregate capacity over 2.6GW of clean electricity for the Kingdom.

Al-Shuaibah 1 and Al-Shuaibah 2 projects, located in Jeddah are expected to be operational by 2025, the company said in a statement on Sunday. Once completed, the solar projects are capable of powering nearly 450,000 households.

It is worth mentioning that in addition to ACWA Power, the consortium includes Saudi Arabia’s Public Investment Fund unit Badeel and the Saudi Arabian Oil Co., also known as Saudi Aramco.