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ACWA Power secures $580m refinancing for Al Dur Phase II IWPP

  • ACWA Power secures $580m refinancing for Al Dur Phase II IWPP

Acwa Power, listed on the Saudi stock exchange and the largest private sector water desalination company, has declared the successful refinancing of $580 million in existing debt for Bahrain’s Al Dur Phase II Independent Water and Power Project (IWPP), reports TradeArabia.

Acwa Power had acted as the sole financial advisor to the Al Dur Phase II IWPP project company.

The project, valued at over $1 billion, is poised to leverage seawater reverse osmosis (SWRO) technology for producing 227,000 cubic meters per day of desalinated water alongside combined cycle gas turbine (CCGT) technology capable of generating 1.5 gigawatts of power.

A consortium of lenders participated in financing the project, including institutions 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 of Acwa Power, said: "Acwa Power extends its sincere appreciation to all stakeholders involved in the process, including the lenders and advisors, for their solid support and commitment. The successful completion of this refinancing shows its dedication to delivering sustainable and reliable infrastructure solutions that benefit communities."

Thomas Brostrom, the Chief Business Development and Investment Officer, for Acwa Power, added: "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.”

Since attaining financial closure in 2019 and commencing operations in June 2022, the Al Dur Phase II IWPP has been instrumental in bolstering the energy and water security of the Kingdom of Bahrain.

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