ACWA Power bags $100m credit facility from state-owned China Construction Bank

This will be used to fund its projects in the Middle East and Belt & Road countries.

Dubai-based ACWA Power signed a $100m three-year revolving credit facility deal with state-owned lender China Construction Bank (DIFC Branch) to support its power and water generation projects in the Middle East and Belt & Road countries.

In a statement, ACWA Power said the revolving credit facility will boost the diversification of the company’s financing sources and will allow the continuous delivery of low-carbon utility infrastructure projects.

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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,” said ACWA Power CFO Abdulhameed Al Muhaidib.

“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,” he added.  

ACWA Power and the Bank started collaborations in 2016 with the financing for the 2,400-megawatt (MW) Hassyan power plant in the United Arab Emirates, the 485MW Zarqa gas power plant in Jordan, and the 1,500MW Sidarya combined cycle gas turbine power plant in Uzbekistan.