ACWA Power, the largest private sector water desalination company listed on the Saudi stock exchange, has successfully refinanced $580 million in existing debt for Bahrain’s Al Dur Phase II Independent Water and Power Project (IWPP).
Serving as the exclusive financial advisor to the Al Dur Phase II IWPP project company, ACWA Power oversaw the refinancing process.
The project, with a total worth exceeding $1 billion, will utilize seawater reverse osmosis (SWRO) technology to produce 227,000 cubic meters per day of desalinated water, in addition to combined cycle gas turbine (CCGT) technology capable of generating 1.5 gigawatts of power.
Various financial institutions participated in funding the project, including 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.
Abdulhameed AlMuhaidib, Chief Financial Officer of Acwa Power, said: “Acwa Power extends its sincere appreciation to all stakeholders involved in the process, including the lenders and advisors, for their solid support and commitment. The successful completion of this refinancing shows its dedication to delivering sustainable and reliable infrastructure solutions that benefit communities.”
“The Al Dur Phase II IWPP demonstrates Bahrain’s dedication to sustainable infrastructure development and not only meets the growing demand for electricity and desalinated water but also contributes significantly to the economic and social development of the region,” said Thomas Brostrom, the Chief Business Development and Investment Officer, for Acwa Power.
Since achieving financial closure in 2019 and beginning 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
