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Acwa Power refinances $580m Al Dur Phase II IWPP debt

MANAMA, March 19, 2024

Saudi-listed Acwa Power, the world’s largest private sector water desalination company, and a leader in energy transition and first mover into green hydrogen, has announced the refinancing of $580 million of existing debt for the Al Dur Phase II Independent Water and Power Project (IWPP) located in the Kingdom of Bahrain. 
Acwa Power had acted as the sole financial advisor to the Al Dur Phase II IWPP project company.
The project, which is being set up at an investment of more than $1 billion, will be using seawater reverse osmosis (SWRO) technology to produce 227,000 cu m per day of desalinated water and combined cycle gas turbine (CCGT) technology with the capacity to generate 1.5GW of power.
The list of lenders to the project includes names such as Ahli United Bank, Apicorp, Al Rajhi Bank, Arab National Bank, Banque Saudi Fransi, Gulf International Bank, KfW Ipex-Bank, National Bank of Bahrain, Riyad Bank and Standard Chartered Bank.
On the key refinancing, Chief Financial Officer Abdulhameed AlMuhaidib, said: "Acwa Power extends its sincere appreciation to all stakeholders involved in the process, including the lenders and advisors, for their solid support and commitment. The successful completion of this refinancing shows its dedication to delivering sustainable and reliable infrastructure solutions that benefit communities."
"The Al Dur Phase II IWPP demonstrates Bahrain’s dedication to sustainable infrastructure development and not only meets the growing demand for electricity and desalinated water but also contributes significantly to the economic and social development of the region," said Thomas Brostrom, the Chief Business Development and Investment Officer, for Acwa Power. 
Since achieving financial close in 2019, followed by operational commencement in June 2022, Al Dur Phase II IWPP has played a crucial role in enhancing the Kingdom of Bahrain's energy and water security.-TradeArabia News Service



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