Acwa Power, the largest private sector water desalination company listed on the Saudi stock exchange, has successfully refinanced $580 million in debt for Bahrain’s Al Dur Phase II Independent Water and Power Project (IWPP), as reported by TradeArabia.
Serving as the exclusive financial advisor to the Al Dur Phase II IWPP project company, Acwa Power facilitated the financing for the project valued at over $1 billion.
The project is set to utilize seawater reverse osmosis (SWRO) technology to produce 227,000 cubic meters per day of desalinated water, in conjunction with combined cycle gas turbine (CCGT) technology capable of generating 1.5 gigawatts of power.
Various financial institutions, such as Ahli United Bank, Apicorp, Al Rajhi Bank, Arab National Bank, Banque Saudi Fransi, Gulf International Bank, KfW Ipex-Bank, National Bank of Bahrain, Riyad Bank, and Standard Chartered Bank, participated in funding the project.
Abdulhameed AlMuhaidib, Chief Financial Officer of Acwa Power, expressed gratitude to all stakeholders involved in the process, including lenders and advisors, for their unwavering support and dedication. This successful refinancing underscores Acwa Power’s commitment to providing sustainable and reliable infrastructure solutions that benefit communities.
Thomas Brostrom, Chief Business Development and Investment Officer at Acwa Power, highlighted that the Al Dur Phase II IWPP showcases Bahrain’s commitment to sustainable infrastructure development.
The project not only meets the increasing demand for electricity and desalinated water but also significantly contributes to the economic and social progress of the region.
Since achieving financial closure in 2019 and commencing operations in June 2022, the Al Dur Phase II IWPP has played a crucial role in enhancing the energy and water security of the Kingdom of Bahrain.
source: TradeArabia
