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International Company for Water and Power Projects (“ACWA Power”) Announces financial close and completion of the acquisition of the first group of assets for Jazan Integrated Gasification Combined Cycle (IGCC) Project.

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Announcement Detail International Company for Power and Water Projects (“ACWA Power”) announces the financial close for US$7.2billion senior debt facilities for the Jazan Integrated Gasification Combined Cycle (IGCC) project. The project is a joint venture (JV) between Aramco, ACWA Power, Air Products and Air Products Qudra, with ACWA Power holding a 25% equity stake. This follows the signing of the asset acquisition and project financing agreements announced on 27th September 2021. The project involves the acquisition of the US$12 billion IGCC plant from Aramco. The acquisition of the first group of IGCC assets has been completed today and the JV will complete the commissioning and testing and commence operating, and maintaining the plant to supply power, steam, hydrogen, and other utilities for Aramco’s Jazan refinery, under a 25-year contract with Aramco.

Financial close was achieved on 18th October 2021 for the $7.2billion senior debt facilities arranged on a non-recourse project finance basis from a consortium of financiers comprising ADCB, Alinma Bank, Al Rajhi Bank, APICORP, Bank Aljazira, Bank Albilad, Bank of China, Banque Saudi Fransi, DZ Bank, First Abu Dhabi Bank, Intesa, JP Morgan Chase, Korea Development Bank, Mizuho Bank, MUFG, Natixis, Riyad Bank, SABB, Samsung Life, Samsung Securities, Saudi National Bank, Saudi Industrial Development Fund, SMBC and Standard Chartered Bank.

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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