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

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

  
Image used for illustrative purpose. A Saudi man walks on a street past a field of solar panels at the King Abdulaziz city of Sciences and Technology, Al-Oyeynah Research Station.

Image used for illustrative purpose. A Saudi man walks on a street past a field of solar panels at the King Abdulaziz city of Sciences and Technology, Al-Oyeynah Research Station.

REUTERS/Fahad Shadeed
 
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.

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