ACWA Power Restructures Debt and Ownership in Turkey’s ACWA Guc, Settles SAR 496.5 Million with Lenders

ACWA Power Company announced on Sunday a major restructuring of debt and ownership involving its Turkish subsidiary, ACWA Guc. Under the new agreement, ACWA Power and its related entities have finalized a transaction with ACWA Guc’s lenders and minority shareholders. The agreement stipulates that the lenders will convert their outstanding loans into equity, becoming shareholders of ACWA Guc.

As part of the restructuring, ACWA Power will pay USD 132.4 million (approximately SAR 496.5 million) to the lenders in installments over the next three years.

ACWA Guc, a partially owned affiliate of ACWA Power, operates a 950 MW Combined Cycle Gas Turbine (CCGT) power plant in Kirikkale, Turkey.

The restructuring, completed on August 9, 2024, will eliminate ACWA Guc’s commercial and third-party debt. The company is expected to continue as an equity-accounted investment for ACWA Power.