Acwa Power, announced on 29 October that alongside its partners the PIF and Aramco, it has signed financing agreements for 12GW of solar PV projects in the kingdom. The trio was awarded PPAs for the five giant solar projects in July alongside PPAs for two wind farms, with combined capacity of 1.5GW (MEES, 18 July). The five solar plants – Bisha, Humaij, Khulis, Afif 1 and Afif 2 – have total development costs of $6bn and are due to be completed by mid-2028.
The pace at which Acwa Power is developing solar projects in Saudi Arabia has accelerated significantly of late. It secured the $6bn of financing barely three months after the PPAs were signed, while three solar plants with combined capacity of 5.5GW for which financing was secured last September (MEES, 6 September 2024) are being developed at breakneck speed. (CONTINUED - 133 WORDS)
