Sakaka solar

We are delighted to announce the closing and successful syndication of the Sakaka Solar PV project where Natixis acted as Sole Underwriter, Initial Mandated Lead Arranger, Bookrunner, Hedge Provider, Offshore Security Agent and Offshore Account Bank for the US$ 225m financing in the northern region of Saudi Arabia. The Project is the country’s first renewable independent power plant (IPP) project and consists of a greenfield 300 MWac Solar PV plant for a total cost of c. US$ 308 million.

Natixis fully underwrote the financing, a first in the region in the IPP space post the global financial crisis of 2009, and together with our core client ACWA Power, we set up an organized primary syndication process which proved ultimately successful to distribute US$ 200 million of the US$ 225 million financing amongst three participating banks with an amazing distribution ratio of 89%. 

"The 300 MW Sakaka IPP photovoltaic (PV) solar project is the first ever utility scale renewable energy project under the National Renewable Energy Program of Saudi Arabia. The Renewable Energy Projects Development Office (REPDO) awarded ACWA Power the contract at a world record-breaking tariff of US Cents 2.3417/kWh (8.781 halalas/kWh). The plant will cover an area of six square kilometeres at Al Jouf.  With an investment of US $302 million, this project the first of a series of project under the Saudi national renewable energy programme which aims to produce 9.5GW of renewable energy by 2023." (source: ACWA Power)

Related articles