Riyadh, Saudi Arabia — Saudi-listed ACWA Power, the world’s largest private sector water desalination company and clean energy producer has refinanced $580 million of existing debt for the Al Dur Phase II Independent Water and Power Project (IWPP) in Bahrain.
ACWA Power acted as the sole financial advisor to the Al Dur Phase II IWPP project company.
The $1 billion project uses sea water reverse osmosis (SWRO) technology to produce 227,000 cubic meters 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 include 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.”
