Sign in
Acwa Power refinances existing debt for Bahrain desalination plant: Renewable energy giant Acwa Power has refinanced USD 580 mn worth of existing debt for its Al Dur Phase II independent water and power project (IWPP), it said in a statement.
About Al Dur IWPP: The project, which has an investment value of over USD 1 bn, achieved financial close in 2019 before it launched operations in June 2022. It was officially inaugurated in May last year. It is 60% owned by Acwa Power, 30% by Japan’s Mitsui and 10% by Bahraini contractor Almoayyed Contracting Group.
The banks: The refinancing included several regional and international banks, including Ahli United Bank, Apicorp, Al Rajhi Bank, Arab National Bank, Banque Saudi Fransi, Gulf International Bank, KfW Ipex-Bank, National Bank of Bahrain, Riyad Bank and Standard Chartered Bank.
What they said: “The Al Dur Phase II IWPP demonstrates Bahrain’s dedication to sustainable infrastructure development and not only meets the growing demand for electricity and desalinated water but also contributes significantly to the economic and social development of the region,” said Thomas Brostrom, chief business development and investment officer at Acwa Power.
