ACWA Power signs SAR 11.4B financing deals to fund 2 projects

ACWA Power Co. signed, on May 1, a senior debt financing deal for Qassim 1 Combined Cycle Power Plant (CCGT) with a capacity of 1,800 MW in Qassim, according to a statement to Tadawul.

The SAR 5.69 billion ($1.52 million) financing deal will extend for 28.1 years, and was signed through Qassim 1 CCGT Project Co.—Qudra One for Electricity Co.

Creditors are Standard Chartered bank, Bank of China, Riyad Bank, Saudi National Bank (SNB), Alinma Bank, The Saudi Investment Bank (SAIB) and Saudi Awwal Bank (SAB).

In a separate statement, ACWA Power announced it signed, on May 1, another senior debt financing deal for Taiba 1 CCGT with a capacity of 1,800 MW in Madinah, through Taiba 1 CCGT Project Co.—Sidra One for Electricity Co.

The SAR 5.69 billion ($1.52 million) financing deal will extend for 28.1 years and was signed with Standard Chartered bank, Bank of China, Riyad Bank, SNB, Alinma Bank, SAIB and SAB.

ACWA Power owns a stake of 40% in Qudra Co, and a 40% stake in Sidra One.

SNB and Saudi Electricity Co. (SEC) are related parties in both the deals.

The deals were guaranteed by equity bridge loan, early generation revenue, and reserve liquidity as well as account.