Saudi’s ACWA Power gets USD344m loan for Dubai solar project

01 Mar 2015

(MENAFN) Saudi Arabia’s ACWA Power is set to take USD344 million loan from three banks to finance a solar energy project in Dubai, chief executive said, Reuters reported.

The loan’s estimated length is about 27 years with an interest rate of 4 percent, provided by Abu Dhabi’s First Gulf Bank and two Saudi banks, National Commercial Bank and Samba Financial Group.

According to ACWA Power’s chief executive, the entire project will cost USD400 million, of which the bank funding will account for 86 percent.

The solar plant, being built by a syndicate of ACWA and Spain’s TSK and ordered by Dubai Electricity and Water Authority (DEWA), is set to have a generating capacity of 200 megawatts.

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