RIYADH: Utility firm ACWA Power, backed by Public Investment Fund, is a step closer to building solar energy plants worth $3.4 billion across Saudi Arabia after securing finance from a bank consortium.

The company, which owns a 50.1 percent stake in each of the three projects, secured a SR8.6 billion ($2.3 billon) credit facility from local, regional and international institutions, including Saudi Awwal Bank, Banque Saudi Fransi, and Mizuho Bank according to a statement to the Kingdom’s stock exchange.
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