Acwa Power secures $200m funding for new Saudi HQ
Acwa Power, a key private water desalination company, a leader in energy transition and first mover into green hydrogen, has announced that it has secured a SAR750 million ($200 million) shariah-compliant term loan facility from Saudi bank Alinma Bank.
Acwa Power said the seven years facility will be used to fund the development of its new corporate headquarters coming up in Riyadh.
The sizeable financing underscores Alinma Bank's confidence in Acwa Power's robust financial standing and its strategic role in Saudi Arabia's Vision 2030 and energy transition goals.
The loan agreement was signed by Abdulhameed Al Muhaidib, the Chief Financial Officer of Acwa, and Jameel Alhamdan, Chief Corporate Banking Officer of Alinma Bank.
On the deal, Al Muhaidib said: "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 ambitious goals for a cleaner, more prosperous future."
Alhamdan said Alinma was 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 organizations' commitment to driving sustainability and innovation in the corporate sector and with the Kingdom's net zero strategy," he stated.
"Acwa Power's new headquarters in Riyadh marks our commitment as the local champion for energy transition, through a state-of-the-art facility specifically designed to unify the company's operations and enhance collaboration and innovation among teams," noted Alhamdan.
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