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Overview

ICBC provides $70 million loan to Acwa Power for working capital purposes

Commitments (Constant USD, 2023)$74,488,847
Commitment Year•2017Country of Activity•South AfricaDirect Recipient Country of Incorporation•Saudi ArabiaSector•EnergyFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Nov 13, 2017

Stakeholders

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

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Private Sector

  • ACWA Power International

Loan desecription

ICBC provides USD 70 million loan to Acwa Power for working capital purposes

Interest type•Unknown

Narrative

Full Description

Project narrative

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.