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ACWA POWER Co. announces the satisfaction of conditions precedent for Senior Loans Drawdown for 3 PV solar projects in Saudi Arabia.
2082
ACWA POWER
0.97
%
1445/08/05 15/02/2024 08:03:38
| Element List | Explanation |
|---|---|
| Introduction | ACWA Power Co. announces that Ar Raas 2, Saad 2 and Al Kahfah solar PV projects satisfied the conditions precedent for Senior Loans Drawdown. The projects are located in the central and northern regions of Saudi Arabia and will generate an aggregate of 4.55GW solar power once completed. Total aggregate investment cost of these projects is USD3.4 billion (SAR12.8 billion). The USD2.3 billion of (SAR8.6 billion) project debt financing amount is non-recourse to ACWA Power. ACWA Power holds an effective 50.1% equity stake in each of the three projects. |
| Date of obtaining the funding | 2024-02-14 Corresponding to 1445-08-04 |
| Financing entity | A consortium of local, regional and international banks including Banque Saudi Fransi, Mizuho Bank, Riyad Bank, Saudi National Bank, Standard Chartered Bank, Saudi Awwal Bank and HSBC. |
| Financing amount. | 2.3B USD (8.6B SAR) |
| Financing duration. | 27.75 years |
| Guarantees offered for the financing | Limited to ACWA Power pro-rata share of equity bridge loan, Standby equity and reserve account. |
| Financing objective | Fund the development and construction of 3 large-scale PV Solar Plants. |
| Related Parties | (“Badeel’) a wholly owned company by the Public Investment Fund will be a partner in this project with a 49.9% equity stake in each of the three project’s companies. SNB is one of the financing entities, both are related parties. |
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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