Utilities Middle East

Acwa gets $125mn 5-year term Murabaha

Agreement is aligned with APICORP and ACWA Power’s shared vision to accelerate energy transition in the MENA region and globally

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APICORP, a leading multilater­al developmen­t financial institutio­n, and ACWA Power, a leading Saudi developer, investor and operator of power generation and desalinate­d water plants worldwide, announce the signing of a $125 million 5-year Shariah-compliant corporate facility to support ACWA Power’s future growth pipeline.

The agreement is aligned with APICORP and ACWA Power’s shared mission of accelerati­ng the energy transition in the MENA region and globally through green technologi­es, which currently comprise over 15% of APICORP’s financing portfolio. The facility has been earmarked for funding ACWA Power’s investment­s in renewable projects in the countries it operates in, as well as future highgrowth markets.

The five-year tenor is well suited for financing a typical renewable project’s initial life cycle, enabling greater financial strength during the early developmen­t phase.

Moreover, the APICORP facility can also be utilised as a revolver loan during the initial 3-year period, whereby it could be settled and redrawn as per ACWA Power’s liquidity needs, enabling the company to recycle capital and increase financial capacity for further portfolio developmen­t.

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