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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)
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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.

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Saudi FM Leads High-Ranking Delegation to WEF Annual Meeting in Davos

The Saudi flag. Asharq A-Awsat
The Saudi flag. Asharq A-Awsat
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Saudi FM Leads High-Ranking Delegation to WEF Annual Meeting in Davos

The Saudi flag. Asharq A-Awsat
The Saudi flag. Asharq A-Awsat

A high-level Saudi delegation led by Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah will participate in the World Economic Forum (WEF) Annual Meeting in Davos on January 20-24.

The Kingdom’s delegation includes Minister of Commerce Majid Al-Kassabi; Minister of Tourism Ahmed Al Khateeb; Minister of State for Foreign Affairs, Cabinet Member, and Climate Envoy Adel Al-Jubeir; Minister of Investment Khalid Al-Falih; Minister of Finance Mohammed Al-Jadaan; Minister of Communications and Information Technology Abdullah Alswaha; Minister of Industry and Mineral Resources Bandar Alkhorayef, and Minister of Economy and Planning Faisal Alibrahim.

Taking place under the theme of “Collaboration for the Intelligent Age”, the 55th World Economic Forum Annual Meeting arrives at a time of growing geopolitical, economic and humanitarian challenges — from ongoing conflicts to a tepid global growth trajectory, and from the seismic impact of advanced technologies on labor markets and human capital to the increasingly urgent need for a practical and inclusive energy transition.

During its participation, the Saudi delegation will collaborate with leaders from government, the private sector, civil society and academia to address these pressing global challenges and shape a prosperous future. The delegation will also explore opportunities to drive disruptive innovation, unlock human potential, steer sustainable transitions and foster global dialogue.

The delegation will also share experiences and insights from its transformation journey and wide-ranging reform agenda under Saudi Vision 2030, which is building a more resilient, productive and integrated economy.

The Ministry of Economy and Planning (MEP) leads the Kingdom’s long-standing partnership with the WEF and has delivered impactful initiatives that have addressed pressing global challenges.
The 55th annual meeting of the World Economic Forum brings together representatives from more than 100 governments, major international organizations, and more than 1,000 major private sector players, in addition to young changemakers and representatives of civil society and academic institutions.