Acwa Power refinances $580m Al Dur Phase II IWPP debt
COMMERCIAL NEWS
Saudi-listed Acwa Power has announced the successful refinancing of $580 million of existing debt for the Al Dur Phase II Independent Water and Power Project (IWPP) located in Bahrain. Acwa Power acted as the sole financial advisor to the Al Dur Phase II IWPP project company.
The project, which has an investment value of more than $1 billion, uses sea water reverse osmosis (SWRO) technology to produce 227,000 cubic metres per day of desalinated water and combined cycle gas turbine (CCGT) technology with the capacity to generate 1.5 GW of power.
The list of lenders to the project includes names such as Ahli United Bank, Apicorp, Al Rajhi Bank, Arab National Bank, Banque Saudi Fransi, Gulf International Bank, KfW IPEX-Bank, National Bank of Bahrain, Riyad Bank, and Standard Chartered Bank.
Abdulhameed AlMuhaidib, Chief Financial Officer, Acwa Power, said: “Acwa Power extends its sincere appreciation to all stakeholders involved in the refinancing process, including the lenders and advisors, for their solid support and commitment. The successful completion of this refinancing shows Acwa Power's dedication to delivering sustainable and reliable infrastructure solutions that benefit communities.”
Sustainable infrastructure development
“The Al Dur Phase II IWPP demonstrates Bahrain’s dedication to sustainable infrastructure development and not only meets the growing demand for electricity and desalinated water but also contributes significantly to the economic and social development of the region.” said Thomas Brostrom, Chief Business Development & Investment Officer, Acwa Power.
Since achieving financial close in 2019, followed by operational commencement in June 2022, Al Dur Phase II IWPP has played a crucial role in enhancing Bahrain's energy and water security.--TradeArabia News Service
