Overview

China Construction Bank provides a $100 million USD revolving credit facility to ACWA Power to support its strategic plans

Commitments (Constant USD, 2023)$100,000,000

Commitment Year•2023Country of Activity•Saudi ArabiaDirect Recipient Country of Incorporation•Saudi ArabiaOverseas Jurisdiction•United Arab EmiratesSector•EnergyFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jun 1, 2023

Last repayment (originally scheduled): May 31, 2026

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

China Construction Bank Corporation (CCB)

Receiving agencies

Private Sector

ACWA Power Company

Loan description

China Construction Bank provides a $100 million USD revolving credit facility to ACWA Power to support its strategic plans

Interest type•UnknownMaturity•3 years

Narrative

Full Description

Project narrative

In June 2023, the DIFC Branch of China Construction Bank Corporation (CCB) signed a $100 million USD revolving credit facility (RCF) agreement with ACWA Power Company — a Saudi developer and operator of power, desalination, and hydrogen plants with its largest shareholder being Saudi Arabia's Public Investment Fund (PIF) (~44.16% stake) — to support its strategic plans. This loan carried a maturity period of three years. The proceeds of the RCF were expected to support the borrower's near-term liquidity and to advance the borrower's strategic plans to development its power and water generation portfolio in the Middle East and in Belt and Road Initiative (BRI) countries.

Staff comments

1. ACWA Power is a power and water utility company that is registered and headquartered in the Kingdom of Saudi Arabia. It is s owned by eight Saudi conglomerates, Sanabil Direct Investment Company (owned by the Public Investment Fund of Saudi Arabia), the Saudi Public Pensions Agency and the International Finance Corporation (a member of the World Bank Group).