The loans were obtained from global lenders Image Credit: Reuters

Dubai: Saudi renewables Acwa power gets funding of $3 billion (Dh11 billion) for two projects in Saudi Arabia in Medina and Qassim.

The energy company is backed by the Kingdom’s Public Investment Fund (PIF) and operates in the Middle East, and Central and SouthEast Asia.

A financing agreement worth $1.5 billion (Dh5.5 billion) was signed for the construction of a cycle power plant in Medina as well as another $1.5 billion (Dh5.5 billion) for cycle power plant in Qassim.

The loans were obtained from global lenders such as Standard Chartered, Bank of China, Riyad Bank, Saudi National Bank, Alinma Bank, The Saudi Investment Bank and Saudi Awwal Bank and have a duration of just over 28 years.