ACWA Power signs SAR 2.77B financing documents for Dubai’s Hassyan IWP

ACWA Power Co. headquarters

ACWA Power Co. signed financing documents for the 818,280 m3/day (180 million imperial gallon per day) Hassyan IWP in Dubai at a total of SAR 2.77 billion ($738 million).

In a statement to Tadawul, the utility said that the financing term is 32.5 years. It was secured from A local and international commercial lenders - Standard Chartered bank, MUFG Bank, LTD, Emirates NBD, Korea Development Bank, Commercial Bank of Dubai, Abu Dhabi Commercial Bank (ADCB), China Construction Bank, Agricultural Bank of China, Arab Petroleum Investments Corporation, Sumitomo Mitsui Trust Bank, Industrial and Commercial Bank of China Limited, Kuwait’s Boubyan Bank, and Saudi EXIM.

The agreements were signed by Hassyan Water Co. A limited guarantee was provided for ACWA Power’s share in the bridge loan, early generation revenues, reserve liquidity and reserve account.

The project’s investment cost stands at SAR 3.45 billion ($920 million). ACWA Power holds 20.40% of the IWP.

There are no related parties to the agreements, ACWA Power added.