Saudi-based ACWA Power has secured a three-year revolving credit facility agreement with China Construction Bank (DIFC Branch), a Chinese state-owned lender.
The agreement provides ACWA Power with access to a USD$100m credit facility that will support the company’s strategic plans to scale its power and water generation portfolio in the Middle East and the Belt & Road countries.
It will also contribute to the social and economic development of the communities it invests in and serves.
chief financial officer of ACWA Power Abdulhameed Al Muhaidib said: “The revolving credit facility by China Construction Bank (DIFC Branch) is an outcome of the ongoing collaboration between ACWA Power and Chinese entities, boosting our near-term liquidity and funding flexibility as we pursue strategic growth opportunities.
“Most importantly, it goes to show the confidence that financiers have in our business performance and in our ability to deliver large-scale projects of transformative social and economic value.”The revolving facility further diversifies ACWA Power’s financing sources and enables it to continue to deliver low-carbon utility infrastructure for regions including the Middle East and Belt & Road Initiative countries such as Uzbekistan and Kazakhstan.