Deal details

Shuaibah 3 IWP Conversion Project - Financing

Description

ACWA Power has reached financial close for the Shuaibah 3 IWP Project with a total investment cost of $821 million.The project is a joint venture between ACWA and Water and Electricity Holding Company (Badeel), with ACWA Power holding a 68% equity stake. The JV will design, build, finance, operate and maintain the project under a 25-year offtake contract with Saudi Water Partnership Company (SWPC).Shuaibah 3 IWP is expected to become operational in 2025 when the existing Shuaibah 3 IWPP will be retired.

Assets involved

Companies involved

  • MUFG, Standard Chartered
  • Korea Development Bank (KDB), Abu Dhabi Islamic Bank, Industrial and Commercial Bank of China (ICBC), Riyad Bank, Saudi Investment Bank, Saudi British Bank, Warba Bank, Bank of China, Saudi National Bank
  • Standard Chartered, MUFG
  • Sumitomo Mitsui Banking Corporation (SMBC)
  • Water and Electricity Holding Company (Badeel), ACWA Power
  • Standard Chartered, MUFG
  • Covington & Burling LLP
  • MUFG
  • Standard Chartered
  • Saudi Water Partnership Company (SWPC)
  • Doosan
  • DLA Piper, Clifford Chance
  • Norton Rose Fulbright
  • Saudi Water Partnership Company (SWPC)

Key information

Al Jubail International Water Company

821$m

31-10-2022

Waste and water / Desalination plant

Saudi Arabia

Project & Infrastructure Finance

Not PPP

Tranche information

Term Loan

632$m

US Dollar - USD

0

26.5 years

-

-

-

Participant role ticket size
Warba Bank Lender 70$m
Korea Development Bank (KDB) Lender 70$m
Industrial and Commercial Bank of China (ICBC) Lender 70$m
Saudi Investment Bank Lender 70$m
Bank of China Lender 70$m
Saudi National Bank Lender 70$m
Abu Dhabi Islamic Bank Lender 70$m
MUFG MLA 70$m
Standard Chartered MLA 70$m

Term Loan

189$m

US Dollar - USD

0

5.0 years

-

-

-

Participant role ticket size
Saudi British Bank Lender 94$m
Riyad Bank Lender 94$m