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ACWA Power Co. Announces the finalization and signing of the financing agreements for the Al Shuaibah 1 and Al Shuaibah 2 PV IPPs.
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| Announcement Detail | ACWA Power Co. announces the finalization and signing of the financing agreements with the financing consortium for Al Shuaibah 1 and Al Shuaibah 2 PV projects at total investment cost of SAR 8.3 billion (USD 2.2 billion), funded by a combination of long-term debt and equity. A consortium of ACWA Power; Electricity Holding Company (Badeel), a wholly owned company by the Public Investment Fund (PIF); and Saudi Aramco, with ACWA Power holding a 35% equity stake. Each Project comprise the development, design, permitting, engineering, financing, procurement, construction, commissioning, testing, completion, ownership, insurance, operation, and maintenance of each Project. The total financing consists of SAR 6.1 billion (USD 1.6 Billion) senior debt which includes a SAR 1.7 billion (USD 0.45 billion) Saudi Riyal-denominated loan from the National Development Fund (NDF) on behalf of the National Infrastructure Fund (NIF), under foundation. as well as SAR 4.4 billion (USD 1.2 billion) US-dollar denominated commercial facility from a consortium of local, regional and international banks (Bank Saudi Fransi, First Abu Dhabi Bank, Mizuho Bank, Riyad Bank, Saudi National Bank, Standard Chartered Bank and Saudi Investment Bank) Both Badeel and SNB who are among the parties of this transaction are related parties to ACWA Power in accordance with the regulatory definition of a related party. |
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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