Saudi Arabia’s ACWA Power is obtaining a loan of about $344 million from three banks to finance a solar energy project in Dubai, chief executive Paddy Padmanathan said on Sunday.
The 27-year amortising loan with an interest rate of 4 percent is being provided by Abu Dhabi’s First Gulf Bank and two Saudi banks, National Commercial Bank and Samba Financial Group, he told reporters on the sidelines of a business conference.
The solar plant, to be built by a consortium of ACWA and Spain’s TSK, was ordered by Dubai Electricity and Water Authority and will have a capacity of 200 megawatts.
The above is an excerpt of Saudi’s ACWA Power gets $344 mln loan for Dubai solar project by Andrew Torchia for Reuters. Image Credit: ACWA Power.