ACWA Power signs SAR 10.5 bln credit facility agreements for Al Shuaibah projects

Logo of ACWA Power Co. 

ACWA Power Co. announced today, July17, the finalization and signing of the financing agreements with a consortium for Al Shuaibah 1 and Al Shuaibah 2 PV projects at total investment cost of SAR 8.3 billion, funded by a combination of long-term debt and equity.

The consortium includes ACWA Power, Electricity Holding Company (Badeel), a wholly owned subsidiary of the Public Investment Fund (PIF), and Saudi Aramco, with ACWA Power holding a 35% equity stake, according to a Tadawul statement.

Each project involves development, design, engineering, financing, procurement, construction, commissioning, testing, completion, ownership, insurance, operation, and maintenance work, the statement added.

The total financing consists of SAR 6.1 billion in senior debt, including a SAR 1.7 billion loan from the National Development Fund (NDF) on behalf of the National Infrastructure Fund (NIF). in addition to a SAR 4.4 billion US-dollar commercial facility from a consortium of local, regional, and international banks (Bank Saudi Fransi, First Abu Dhabi Bank, Mizuho Bank, Riyad Bank, the Saudi National Bank, Standard Chartered Bank, and Saudi Investment Bank).

In addition, Badeel and SNB are related parties to the deal as per the legal definition stipulated by law, per the statement.