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ACWA POWER Co. announces the signing of the senior debt financing documents for the Taiba 1 Combined Cycle Power Plant (CCGT) with capacity of 1,800 MW in Madinah, Kingdom of Saudi Arabia.
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ACWA POWER
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1445/10/23 02/05/2024 08:02:09
| Element List | Explanation |
|---|---|
| Introduction | ACWA POWER Co. announces the signing of the senior debt financing documents for the Taiba 1 Combined Cycle Power Plant (CCGT) with capacity of 1,800 MW in Madinah, Kingdom of Saudi Arabia through Taiba 1 CCGT Project Co. (Sidra One for Electricity Company). ACWA Power effective shareholding in Qudra One for Electricity Company is 40%. |
| Date of obtaining the funding | 2024-05-01 Corresponding to 1445-10-22 |
| Financing entity | A mix of international and local commercial lenders funded the senior debt, which are Standard Chartered bank, Bank of China, Riyad Bank, Saudi National Bank, Alinma Bank, Saudi Investment Bank and Saudi Awwal Bank. |
| Financing amount. | SAR 5,690.6 M (USD 1,517.5 M). |
| Financing duration. | Approximately 28.1 years. |
| Guarantees offered for the financing | For ACWA Power, limited to its equity bridge loan, early generation revenue amount, standby equity and reserve account. |
| Financing objective | Fund the development and construction of a 1,800 MW combined cycle power plant (CCGT) in Madinah, KSA. |
| Related Parties | Saudi National Bank and Saudi Electricity Company. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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