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, announced the successful refinancing of USD 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 acted as the sole financial advisor to the Al Dur Phase II IWPP project company.
The project, which has an investment value of more than USD one billion, uses sea water reverse osmosis (SWRO) technology to produce 227,000 cubic meters per day of desalinated water and combined cycle gas turbine (CCGT) technology with the capacity to generate 1.5 GW 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.
Commenting on the announcement, Abdulhameed AlMuhaidib, Chief Financial Officer, ACWA Power, said: “ACWA Power extends its sincere appreciation to all stakeholders involved in the refinancing process, including the lenders and advisors, for their solid support and commitment. The successful completion of this refinancing shows ACWA Power’s 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, Chief Business Development & Investment Officer, 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.
