ACWA Power Secures Financing for Taiba 1 Combined Cycle Power Plant in Saudi Arabia

ACWA Power Co. announced on Thursday that it has signed the senior debt financing agreements for the Taiba 1 Combined Cycle Power Plant (CCGT), which boasts a capacity of 1,800 MW, located in Madinah, Kingdom of Saudi Arabia. The project, managed by Taiba 1 CCGT Project Co. (Sidra One for Electricity Company), has secured financing totaling SAR 5,690.6 million.

The company holds a 40% effective shareholding in Qudra One for Electricity Company. The financing, set to span approximately 28 years, features a limited guarantee for ACWA Power, covering only its equity bridge loan, early generation revenue, standby equity, and reserve accounts.

ACWA Power emphasized that the funding aims to support the development and construction of the 1,800 MW combined cycle power plant in Madinah. Key financing parties involved include the Saudi National Bank and the Saudi Electricity Company.

The funding was provided by a consortium of both international and local commercial lenders, including Standard Chartered Bank, Bank of China, Riyad Bank, Saudi National Bank, Alinma Bank, Saudi Investment Bank, and Saudi Awwal Bank, reflecting a robust partnership between global and regional financial institutions.