ACWA Power has successfully secured $2.6 billion in financing to promote three major solar projects in Saudi Arabia, further solidifying its commitment to expanding renewable energy infrastructure in the Kingdom. The combined capacity of these projects exceeds 4 gigawatts (GW), supporting Saudi Arabia’s Vision 2030 objectives of diversifying its energy sources and reducing dependency on fossil fuels. The financing was arranged through a mix of conventional loans and Islamic financing structures.
The solar plants, set to be developed across various locations in Saudi Arabia, will employ cutting-edge photovoltaic technology to optimize efficiency in desert conditions. In addition, energy storage systems will be integrated to ensure reliable power delivery. The financing structure includes backing from key local and international financial institutions, and construction is scheduled to commence later this year.
This initiative is expected to create thousands of jobs during the construction phase, contributing to the local economy and assisting Saudi Arabia in achieving its target of net-zero emissions by 2060. As the Kingdom accelerates investments in clean energy, ACWA Power’s projects are poised to attract further investment, paving the way for future large-scale renewable energy endeavors.
