ACWA POWER Co. — Capital/Financing Update 2021

Dec 21, 2021

International Company for Water and Power Projects (“ACWA Power”) Announces the dry financial close for the development, construction and operations and maintenance of the Red Sea Multi-Utilities Project.

2082 · 21/12/2021 16:03:25 · Announcement #66032 · View on Saudi Exchange

International Company for Water and Power Projects (“ACWA Power”) Announces the dry financial close for the development, construction and operations and maintenance of the Red Sea Multi-Utilities Project.

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Explanation

Announcement Detail

International Company for Power and Water Projects (“ACWA Power”) announces the dry financial close for US$1.33billion senior debt facilities for the Red Sea Multi-Utilities Project. The project is a joint venture (JV) between ACWA Power, SPIC Huanghe Hydropower Development Company (SPIC) and Saudi Tabreed District Cooling Company (Saudi Tabreed), with ACWA Power holding a 50% equity stake. The project involves the construction, management and operations of power, desalination, waste-water treatment, solid waste processing, district cooling plants and communication infrastructure for the Red Sea Project (the “Project Systems”) and the JV will complete the development, financing, design, engineering, construction, procurement, manufacturing, testing and commissioning, operation and maintenance and eventual transfer of the Project Systems and associated facilities, under a 25-year multi-utilities offtake contract with The Red Sea Utilities Company (“TRSUC”) . This project serves the world’s most ambitious regenerative tourism project and has been designed to offer access to some of Saudi Arabia’s most important cultural treasures while protecting, preserving and enhancing the local environment.

Dry financial close for the $1.33billion senior debt facilities arranged on a non-recourse project finance basis from a consortium of financiers comprising Al Rajhi Banking and Investment Corporation, Banque Saudi Fransi, The Saudi British Bank, Arab Petroleum Investment Corporation (APICORP), Standard Chartered Bank, and Riyad Bank. 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 $93.4million from Al Rajhi Banking and Investment Corporation.

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