ICBC provides $70 million loan to Acwa Power for working capital purposes
Commitment amount
$ 80663670.99146816
Adjusted commitment amount
$ 80663670.99
Constant 2021 USD
Summary
Funding agency [Type]
Industrial and Commercial Bank of China (ICBC) [State-owned Commercial Bank]
Recipient
South Africa
Sector
Energy (Code: 230)
Flow type
Loan
Level of public liability
Unallocable
Infrastructure
No
Category
Project lifecycle
Description
On November 13, 2017, the Industrial and Commercial Bank of China (ICBC) disclosed that it had issued a $70 million working capital loan to Acwa Power for activities in South Africa. The borrowing terms of the loan are unknown. Acwa Power is a developer, investor, co-owner and operator of a portfolio of power generation and desalinated water production plants that is headquartered in Saudi Arabia. It is unknown how the proceeds of this loan were used. However, in 2018, Acwa Power agreed to construct the 100MW Redstone concentrated solar thermal power (CSP) plant in the country’s Northern Cape Province, its first project in South Africa. ACWA Power also recently signed a $710 million 18-year syndicated loan facility agreement for the 100MW Redstone CSP Project. It is very likely that the proceeds of the ICBC loan supported this project.
Number of official sources
1
Number of total sources
4
Details
Cofinanced
Yes
Direct receiving agencies [Type]
ACWA Power International [Private Sector]