ACWA Power inks SAR 1.4B financing deals for Tashkent's Riverside power plant

ACWA Power Co. said that ACWA Power Riverside Solar Energy Holding signed today, July 1, financing agreements worth SAR 1.4 billion with a consortium of development finance institutions, funds and international commercial lenders, according to a Tadawul statement.

The consortium includes the European Bank for Reconstruction and Development (EBRD), Proparco, DEG, Islamic Development Bank, Standard Chartered Bank and KFW IPEX Bank.

The facility will be used to fund the Riverside Power Station project in Tashkent, which is wholly owned by ACWA Power, to produce solar PV energy with a capacity of 200 megawatts (MW), as well as store energy with batteries with a capacity of 500 MW per hour.

The total investment cost of the project is SAR 2 billion, the statement added.

ACWA Power stated that the financing period is nearly 19 years, adding that the guarantees provided in exchange for the financing are a limited guarantee on its equity in the bridge loan and standby equity.

There are no related parties to the deal, the statement said.