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Recently, Saudi developer ACWA Power announced that it has completed financing for a 300 MW Sakaka solar project in Al Jouf, Saudi Arabia, with a consortium of contractors AlGihaz
.
The project, which was trading for just 8.
781 halalas/kWh, was funded through limited recourse project financing, with the entire debt fully insured
by Natixis.
In addition, Arab banks provided equity bridge loans
for the transaction.
The two companies formed a new company, SSEC, in which ACWA Power holds a 70% stake and AlGihaz holds a 30% stake through its subsidiary AlGihaz Renewable Energy to own the Sakaka photovoltaic plant
.
As underwriter, it also entered into a 25-year power purchase agreement
with the Saudi Power Purchasing Company (SPPC).
The plant's commercial operation date is set for the end of 2019, with Indian company Mahindra Susten and China Chint offering EPC services
.
The project is undertaken by the Renewable Energy Project Development Office (REPDO) as a landmark national renewable energy program
.
"We are excited to begin construction of this first utility-scale PV plant in the Kingdom project, which will allow us to leverage considerable expertise and relationships
with technology providers and supply chains," said ACWA Power's President and CEO.
”
Saudi Arabia's National Renewable Energy Program aims to accelerate the transition to renewable energy resources and ensure energy security
at the lowest cost.
:/, please indicate the source for reprinting)
Recently, Saudi developer ACWA Power announced that it has completed financing for a 300 MW Sakaka solar project in Al Jouf, Saudi Arabia, with a consortium of contractors AlGihaz
.
The project, which was trading for just 8.
781 halalas/kWh, was funded through limited recourse project financing, with the entire debt fully insured
by Natixis.
In addition, Arab banks provided equity bridge loans
for the transaction.
The two companies formed a new company, SSEC, in which ACWA Power holds a 70% stake and AlGihaz holds a 30% stake through its subsidiary AlGihaz Renewable Energy to own the Sakaka photovoltaic plant
.
As underwriter, it also entered into a 25-year power purchase agreement
with the Saudi Power Purchasing Company (SPPC).
The plant's commercial operation date is set for the end of 2019, with Indian company Mahindra Susten and China Chint offering EPC services
.
The project is undertaken by the Renewable Energy Project Development Office (REPDO) as a landmark national renewable energy program
.
"We are excited to begin construction of this first utility-scale PV plant in the Kingdom project, which will allow us to leverage considerable expertise and relationships
with technology providers and supply chains," said ACWA Power's President and CEO.
”
Saudi Arabia's National Renewable Energy Program aims to accelerate the transition to renewable energy resources and ensure energy security
at the lowest cost.
:/, please indicate the source for reprinting)
/
