Acwa Power, a leading Saudi developer, investor, and operator of power generation, water desalination and green hydrogen plants worldwide, has signed a three-year revolving credit facility (RCF) agreement with China Construction Bank (DIFC Branch).
Announcing this, Acwa Power said the agreement provides it with access to a $100 million credit facility that will support the company's strategic plans to scale its power and water generation portfolio in the Middle East and the Belt & Road countries and contribute to the social and economic development of the communities it invests in and serves.
Since 2009, Chinese financiers have contributed a total of $10 billion across Acwa Power's global project portfolio, while Chinese EPC contractors, suppliers, and financiers have taken part in 47 projects, covering landmark renewable and seawater desalination projects worldwide including the 2,400MW Hassyan power plant in the UAE.
Chief Financial Officer Abdulhameed Al Muhaidib said: "The revolving credit facility by China Construction Bank (DIFC Branch) is an outcome of the ongoing collaboration between Acwa Power and Chinese entities, boosting our near-term liquidity and funding flexibility as we pursue strategic growth opportunities."
"Most importantly, it goes to show the confidence that financiers have in our business performance and in our ability to deliver large-scale projects of transformative social and economic value," he stated.
"The revolving facility further diversifies Acwa Power’s financing sources and enables it to continue to deliver low-carbon utility infrastructure for regions including the Middle East and Belt & Road Initiative countries such as Uzbekistan and Kazakhstan," he added.
Yuan Shengrui, Senior Executive Officer of China Construction Bank (DIFC Branch), said the credit facility was reflective of the branch’s interest to strengthen its strategic partnership with Acwa Power and to promote the development of renewable energy projects, in line with the directives of the Belt and Road initiative.
"By supporting entities such as ACWA Power, we are able to make meaningful impact in the renewable energy sector, and jointly drive positive change for a greener tomorrow," he added.