عربي English Türkçe اردو فارسى
Logo
Latest News
Business

ACWA Power Secures $1.33 Billion for Red Sea Project Utilities

Saudi Acwa Power-generating windmills are pictured in Jbel Sendouq, on the outskirts of Tangier, Morocco, June 29, 2018. (Reuters)
Saudi Acwa Power-generating windmills are pictured in Jbel Sendouq, on the outskirts of Tangier, Morocco, June 29, 2018. (Reuters)
TT
20
TT

ACWA Power Secures $1.33 Billion for Red Sea Project Utilities

Saudi Acwa Power-generating windmills are pictured in Jbel Sendouq, on the outskirts of Tangier, Morocco, June 29, 2018. (Reuters)
Saudi Acwa Power-generating windmills are pictured in Jbel Sendouq, on the outskirts of Tangier, Morocco, June 29, 2018. (Reuters)

Saudi Arabian utility developer ACWA Power said on Tuesday it closed an agreement for $1.33 billion (4.9 billion riyals) in senior debt for a multi-utilities project at Saudi Arabia's Red Sea project.

The project is a joint venture, in which ACWA holds a 50 percent stake, with SPIC Huanghe Hydropower Development Company and Saudi Tabreed District Cooling Company.

"In addition, the JV has secured Equity Bridge Loan facilities from Bank AlBilad, Bank Al-Jazira, and Arab National Bank and a Working Capital and VAT Facility for $93.4 million from Al Rajhi Banking and Investment Corporation," ACWA said in a stock exchange filing.

The financing was from Al Rajhi Banking and Investment Corporation, Banque Saudi Fransi, Saudi British Bank, Arab Petroleum Investment Corporation, Standard Chartered Bank, and Riyad Bank.

The facilities will be used to construct, manage, and operate power, desalination, waste-water treatment, solid waste processing, district cooling plants, and communication infrastructure.

Most Viewed

 
Business

EU Needs Rare Earths Strategic Reserves against China Threat

File photo: A mining machine is seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China July 16, 2011. Picture taken July 16, 2011. (Reuters)
File photo: A mining machine is seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China July 16, 2011. Picture taken July 16, 2011. (Reuters)
TT
20
TT

EU Needs Rare Earths Strategic Reserves against China Threat

File photo: A mining machine is seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China July 16, 2011. Picture taken July 16, 2011. (Reuters)
File photo: A mining machine is seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China July 16, 2011. Picture taken July 16, 2011. (Reuters)

European Union countries should create joint reserves of rare earths to prevent supply chain disruptions and economic blackmail from China, the EU's Commissioner for Industrial Strategy, Stephane Sejourne, told the Handelsblatt newspaper.

Sejourne also said he would launch further tenders this year to promote alternative raw material sources, the German newspaper said.

"All European countries today have strategic reserves for oil and gas. We should do the same for strategic raw materials," Sejourne was quoted as saying on Monday.

The European Union in June announced 13 new raw material projects outside the bloc to increase its supplies of metals and minerals essential to its competitiveness in the energy transition as well as defense and aerospace.

The announcement followed China's decision in April to impose export curbs on rare earth magnets until new licenses are obtained, leaving diplomats, carmakers and other companies from Europe and elsewhere scrambling to secure meetings with Beijing officials and avert factory shutdowns.

Sejourne also warned Beijing that the EU has the tools to defend itself in a potential trade war. "Europe must finally use the same weapons as its competitors," he said.

China in June said it attached great importance to the EU's concerns and would look into speeding up the approval process to ship rare earth exports to the EU.