ACWA Complete $12bln Takeover of Gasification Project, in Jizan

International Water and Power Works Corporation “ACWA Power” has announced the financial closure of a $7.2 billion substantial debt facilities, for the Jizan gasification and integrated compound cycling project.

Aramco, ACWA Power, Air Products, and Air Products Qora are all partners, in this joint venture, with ACWA Power 25% stake, in the total shares.
After negotiating agreements to acquire assets and finance the project, which were announced on September 27, 2021, the step has been realized.
The project comprises Aramco’s $12 billion takeover of a first set of the gasification unit assets and the integrated combined cycling, which was, recently.

Joint venture workings will complete the tests and start operating and maintaining the station to provide power, steam, Hydrogen and other utilities, at Jazan-based Aramco, according to a 25-Year contract.

Financial closure of the principal debt facilities, totaling $7.2 billion, was completed on October 18, 2021, and was arranged on the basis of a financing loan for projects without recourse, in a concerted action orchestrated by an array of financial institutions.