London Daily

Focus on the big picture.
Thursday, Jul 10, 2025

ACWA Power-led JV secures $1.33 bln for Red Sea project utilities

ACWA Power-led JV secures $1.33 bln for Red Sea project utilities

Saudi Arabian utility developer ACWA Power said on Tuesday it closed an agreement for $1.33 billion in senior debt for a multi-utilities project at Saudi Arabia's planned multi-billion dollar Red Sea project.
The facilities were arranged as non-recourse project finance and will be used to construct, manage and operate power, desalination, waste-water treatment, solid waste processing, district cooling plants and communication infrastructure.

The utilities project is a joint venture, in which ACWA hold a 50% stake, with SPIC Huanghe Hydropower Development Company and Saudi Tabreed District Cooling Company.

The JV will eventually transfer the project systems to the Red Sea Utilities Company under a 25-year offtake contract.

The Red Sea project is a luxury resorts development planned to have 16 hotels ready by the end of 2023, part of the kingdom's plans to boost tourism under Vision 2030, a programme meant to build new sectors and reduce reliance on hydrocarbon revenues.

It is being developed by the Red Sea Development Company, which is owned by Saudi Arabia's powerful sovereign Public Investment Fund, which is at the centre of Vision 2030 plans.

The financing was from Al Rajhi Banking and Investment Corporation (1120.SE), Banque Saudi Fransi (1050.SE), Saudi British Bank (1060.SE), Arab Petroleum Investment Corporation (APICORP), Standard Chartered Bank (STAN.L) and Riyad Bank (1010.SE).

"In addition, the JV has secured Equity Bridge Loan facilities from Bank AlBilad, Bank Al-Jazira and Arab National Bank and a Working Capital and VAT Facility for $93.4million from Al Rajhi Banking and Investment Corporation," ACWA said in a stock exchange filing.
Newsletter

Related Articles

0:00
0:00
Close
Severe Heatwave Claims 2,300 Lives Across Europe
NVIDIA Achieves Historic Milestone as First Company Valued at $4 Trillion
Declining Beer Consumption Signals Cultural Shift in Germany
Linda Yaccarino Steps Down as CEO of X After Two Years
US Imposes New Tariffs on Brazilian Exports Amid Political Tensions
Azerbaijan and Armenia are on the brink of a historic peace deal.
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Weinstein Victim’s Lawyer Says MeToo Movement Still Strong
U.S. Enacts Sweeping Tax and Spending Legislation Amid Trade Policy Shifts
Football Mourns as Diogo Jota and Brother André Silva Laid to Rest in Portugal
Labour Expected to Withdraw Support for Special Needs Funding Model
Leaked Audio Reveals Tory Aide Defending DEI Record
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
London Stock Exchange Faces Historic Low in Initial Public Offerings
A new online platform has emerged in the United Kingdom, specifically targeting Muslim men seeking virgin brides
Trump Celebrates Independence Day with B-2 Flyover and Signs Controversial Legislation
Boris Johnson Urges Conservatives to Ignore Farage
SNP Ordered to Update Single-Sex Space Guidance Within Days
Starmer Set to Reject Calls for Wealth Taxes
Stolen Century-Old Rolls-Royce Recovered After Hotel Theft
Macron Presses Starmer to Recognise Palestinian State
Labour Delayed Palestine Action Ban Over Riot Concerns
Swinney’s Tax Comments ‘Offensive to Scots’, Say Tories
High Street Retailers to Enforce Bans on Serial Shoplifters
Music Banned by Henry VIII to Be Performed After 500 Years
Steve Coogan Says Working Class Is Being ‘Ethnically Cleansed’
Home Office Admits Uncertainty Over Visa Overstayer Numbers
JD Vance Questions Mandelson Over Reform Party’s Rising Popularity
Macron to Receive Windsor Carriage Ride in Royal Gesture
Labour Accused of ‘Hammering’ Scots During First Year in Power
BBC Head of Music Stood Down Amid Bob Vylan Controversy
Corbyn Eyes Hard-Left Challenge to Starmer’s Leadership
London Tube Trains Suspended After Major Fire Erupts Nearby
Richard Kemp: I Felt Safer in Israel Under Attack Than in the UK
Cyclist Says Police Cited Human Rights Act for Riding No-Handed
China’s Central Bank Consults European Peers on Low-Rate Strategies
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Musk Battles to Protect Tesla Amid Trump Policy Threats
Air France-KLM Acquires Majority Stake in Scandinavian Airlines
UK Educators Sound Alarm on Declining Child Literacy
Shein Fined €40 Million in France Over Misleading Discounts
Brazil’s Lula Visits Kirchner During Argentina House Arrest
Trump Scores Legislative Win as House Passes Tax Reform Bill
Keir Starmer Faces Criticism After Rocky First Year in Power
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
×