Apicorp to provide $125m Shariah-compliant facility to Acwa Power
Apicorp has signed a $125m Shariah-compliant facility for Saudi utilities developer Acwa Power to assist with the developer’s growing project portfolio. The $135m five-year corporate facility has been earmarked for funding Acwa Power’s investments in renewable energy projects.
Apicorp has signed a $125m Shariah-compliant facility for Saudi utilities developer Acwa Power to assist with the developer’s growing project portfolio.
The $135m five-year corporate facility has been earmarked for funding Acwa Power’s investments in renewable energy projects.
Acwa Power is the largest developer, investor and operator of power generation and desalination plants in the Middle East. The group 58 assets in operation, construction or advanced development across 12 countries.
By the end of 2019, the value of the group’s portfolio was valued at $47.9bn, which included stakes in power generation projects with a capacity of 30.9GW and desalination projects which can produce a total of 5.3 million cubic metres a day.
Approximately 74 per cent of Acwa Power’s power generation holdings are in clean-energy projects.
In November, Saudi Arabia’s sovereign wealth fund Public Investment Fund (PIF) increased its ownership stake in Acwa Power from 33.6 per cent to 50 per cent.
The investment is part of PIF’s plans to diversify its holdings into renewable energy.
While Acwa Power has emerged as a dominant force in the Middle East’s private developer market over the past decade, it is also beginning to target new markets with growth potential outside the region.
In late December, Acwa Power signed the power purchase agreement (PPA) and investment agreements for a 240MW wind power project in Azerbaijan.
The $300m wind energy project will be located in the Absheron and Khizi regions of Azerbaijan.
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