ACWA Power, a prominent developer and operator of power and water desalination plants, recently finalized crucial agreements with a mix of local and international banks to secure essential funding for the Hassyan Independent Water Producer (IWP) plant in Dubai.
In an official statement, the company disclosed the successful acquisition of SAR 2.76 billion from a diverse group of lenders, local and international, over a lengthy financing period of 32.5 years.
Noteworthy banking institutions involved in this endeavor include Standard Chartered, MUFG Bank, Emirates NBD, and others, demonstrating robust support from the financial sector.
Expanding the financing landscape, the Saudi Export-Import Bank participated by announcing a $75 million financing agreement with ACWA Power. This agreement aims to enhance Saudi content in global projects and boost non-oil exports, aligning with sustainability principles and the commitment of both parties to environmentally conscious initiatives.
Leading this strategic initiative is the Hassyan Water Company, where ACWA Power holds a significant ownership stake of 20.40 percent. Through collaboration and strategic partnerships, this venture aims to address water production needs in Dubai and establish sustainable development practices in the region.
Securing funding for the Hassyan IWP plant not only highlights ACWA Power’s financial strength but also demonstrates a joint dedication to promoting economic growth and sustainability worldwide.
Source: ACWA Power
