In August 2023, First Abu Dhabi Bank (FAB) helped one of the world’s largest solar photovoltaic projects reach financial close. FAB participated in a USD 1.18 billion, US-dollar denominated commercial facility from a consortium of local, regional, and international banks that contributed to the overall financing for the project.
The 600MW Al Shuaibah 1 and 2031MW Al Shuaibah 2 in the Makkah province of Saudi Arabia will power 450,000 households and are projected to avoid around four million tonnes of CO2 emissions annually once they are operational in 2025.
The Saudi Power Procurement Company (SPPC) is the procurer and the offtaker for the project, which is being developed by a joint venture between the Saudi Aramco Power Company (SAPCO), the Water and Electricity Holding Company (Badeel), and ACWA Power.
It was enabled by Saudi Arabia’s National Renewable Energy Programme (NREP), which aims to generate 50% of electricity from renewable sources by 2030.
Read more on FAB’s net-zero targets here.
This case study was originally published in the Net-Zero Banking Alliance 2024 Progress Report (October 2024).
Disclaimer: NZBA shares case studies to promote member banks’ awareness of new approaches, tools, products, services, and transactions related to financing the transition to net zero. Featuring a case study naming a particular bank does not represent an endorsement of all actions from that bank.