ACWA Power, a Saudi-based company, has recently announced a significant milestone in its financing capabilities. The company has successfully secured a three-year revolving credit facility agreement with China Construction Bank (DIFC Branch), a prominent state-owned lender from China.
This agreement will grant ACWA Power access to a substantial credit facility of USD$100 million. The funds will be instrumental in supporting the company's strategic plans to expand its power and water generation portfolio in both the Middle East and countries along the Belt & Road initiative.
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The collaboration with China Construction Bank (DIFC Branch) holds great promise for ACWA Power. The credit facility will not only contribute to the company's growth but also facilitate the social and economic development of the communities it serves. ACWA Power's Chief Financial Officer, Abdulhameed Al Muhaidib, expressed his satisfaction with the new arrangement, stating, “The revolving credit facility by China Construction Bank (DIFC Branch) is an outcome of the ongoing collaboration between ACWA Power and Chinese entities, boosting our near-term liquidity and funding flexibility as we pursue strategic growth opportunities.”
Al Muhaidib further emphasized the confidence shown by financiers in ACWA Power's business performance and its ability to undertake large-scale projects that have significant social and economic impacts. This revolving credit facility not only enhances ACWA Power's financial options but also strengthens its position by diversifying its sources of financing.
Furthermore, this development aligns with ACWA Power's commitment to delivering low-carbon utility infrastructure. With a presence in regions like the Middle East and Belt & Road Initiative countries, such as Uzbekistan and Kazakhstan, ACWA Power aims to support sustainable development while addressing the growing energy demands of these areas.
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The collaboration between ACWA Power and China Construction Bank (DIFC Branch) signifies a noteworthy alliance between two influential entities, facilitating the growth of the power and water sectors in regions of strategic importance. As ACWA Power continues to pursue its expansion plans and undertake transformative projects, this credit facility will undoubtedly play a vital role in enabling the company to achieve its objectives and contribute to the progress of the communities it serves.
