ACWA Power inks $3b debt financing for 3,600 MW CCGT projects

The financing will be used for the construction of two CCGT projects.

ACWA Power has signed $3b of senior debt financing for two combined-cycle power plant (CCGT) projects with a total capacity of 3,600 megawatts (MW).

In a separate statement, ACWA Power said the Taiba 1 CCGT and the Qassim 1 CCGT, which have 1,800 MW capacity each, will receive over $1.5b to support their development and construction.

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The debt is funded by a mix of international and local commercial lenders which include Standard Chartered Bank, Bank of China, Riyad Bank, Saudi National Bank, Alinma Bank, Saudi Investment Bank and Saudi Awwal Bank.

The two senior debt financing have a duration of around 28.1 years.