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Friday, September 22, 2023

Acwa Secures Funding to Expand Portfolio of Middle East Utility Projects


Acwa Power, a leading global developer, investor and operator of power generation, desalination and green hydrogen plants, has signed a three-year Revolving Credit Facility (RCF) agreement with China Construction Bank (a branch of DIFC).

Announcing the news, Acwa Power said the agreement provides it with a US$100 million line of credit that will support the company’s strategic plan to expand its power and hydropower portfolio in the Middle East and Belt and Road countries , and contribute to society and the economy. The development of the communities it invests in and serves.

Since 2009, Chinese financiers have financed Acwa Power’s global project portfolio totaling US$10 billion, while Chinese EPC contractors, suppliers and financiers have been involved in 47 projects covering iconic renewable energy globally and desalination projects, including the 2,400 MW Hassyan Power Plant in the UAE.

Abdulhameed Al Muhaidib, Chief Financial Officer, said: “The China Construction Bank (DIFC branch) revolving credit facility is the result of Acwa Power’s ongoing collaboration with entities in China, enhancing our short-term liquidity and funding flexibility as we pursue strategic growth opportunities sex”.

“Most importantly, it demonstrates the confidence of financiers in the performance of our business and our ability to deliver large-scale projects of transformative social and economic value,” he said.

He added: “The revolving loan further enriches Acwa Power’s financing sources, allowing it to continue to provide low-carbon utility infrastructure in regions including the Middle East and Belt and Road Initiative countries such as Uzbekistan and Kazakhstan.”

Yuan Shengrui, senior president of China Construction Bank (DIFC branch), said the credit facility reflects the bank’s interest in strengthening its strategic partnership with Acwa Power and promoting the development of renewable energy projects as directed by CCB. Belt and Road Initiative.

He added: “By supporting entities like ACWA Power, we can have a meaningful impact on the renewable energy sector and together drive positive change for a greener tomorrow.”


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