ACWA Power restructures debt, equity of Turkey’s ACWA GÜÇ

ACWA Power announced the restructuring of debt and equity in Turkey’s ACWA GÜÇ after the company and its related subsidiaries reached an agreement with the principal lenders and minority shareholders of ACWA GÜÇ.

In a statement on Tadawul, the company explained that the outstanding loans will be transferred into equity in ACWA GÜÇ.

In addition, ACWA Power’s wholly-owned subsidiary will pay $132.4 million (SAR 496.5 million) to lenders in installments over three years, as a consideration for transferring loan receivables.

Accordingly, the company, its relevant subsidiaries, minority shareholders, and relevant interested parties signed a set of agreements to complete the deal on Aug. 9.

Following the deal’s completion, ACWA GÜÇ will be free of any commercial third-party debts and is expected to remain one of ACWA Power’s equity accounted investment.

ACWA GÜÇ is a partially and indirectly owned affiliate of ACWA Power. It owns and operates the 950-megawatt Combined Cycle Gas Turbine (CCGT) power plant in Kirikkale, Turkey.