ACWA Power secures $200mn loan for its new HQ in Riyadh
ACWA Power has secured a seven-year SAR750 million (US$200 million) Shariah-compliant loan facility from Alinma Bank to build its new corporate headquarters in Riyadh.
The new headquarters will showcase ACWA Power as the local champion for energy transition, through a state-of-the-art facility specifically designed to unify the company's operations and also reflect its commitment to sustainability in alignment with Saudi Arabia's Vision 2030. It will meet the highest standards of green building and incorporate various Net Zero requirements to minimise the environmental impact.
ACWA Power secures financing
The financing underscores Alinma Bank's confidence in ACWA Power's financial standing and its strategic role in Saudi Arabia's Vision 2030 and energy transition goals. The company is the world's largest private water desalination company and a leader in energy transition.
Abdulhameed Al Muhaidib, Chief Financial Officer, ACWA Power, commented: 'This financing from Alinma Bank highlights our strong financial position and the confidence the market has in our vision. Our new headquarters will be more than just a building; it will be a symbol of our commitment to innovation, sustainability, and the Kingdom's goals for a cleaner, more prosperous future.'
Jameel Alhamdan, Chief Corporate Banking Officer, Alinma Bank, added: 'Alinma is proud to announce its role as the sole financier for the development of ACWA Power's new state-of-the-art, environmentally sustainable head office. This landmark project aligns with both organisations' commitment to driving sustainability and innovation and with the Kingdom's Net Zero strategy.'
Established in 2004, ACWA Power employs over 4,000 people in 14 countries in the Middle East, Africa, Central Asia, and Southeast Asia. Its portfolio comprises 101 projects in operation, advanced development, or construction with an investment value of SAR403.4 billion (US$107.5 billion) and the capacity to generate 78.9 GW of power and manage 9.5 million m3/day of desalinated water per day.
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