International Company for Power and Water Projects (ACWA Power) announces the financial close for US$7.2billion senior debt facilities for the Jazan Integrated Gasification Combined Cycle (IGCC) project.
The project is a joint venture (JV) between Saudi Aramco, ACWA Power, Air Products and Air Products Qudra, with ACWA Power holding a 25% equity stake.
This follows the signing of the asset acquisition and project financing agreements announced on 27th September 2021.(read more)
The project involves the acquisition of the US$12 billion IGCC plant from Aramco.
The acquisition of the first group of IGCC assets has been completed and the JV will complete the commissioning and testing and commence operating, and maintaining the plant to supply power, steam, hydrogen, and other utilities for Aramco’s Jazan refinery, under a 25-year contract with Aramco, statement mentioned.
The statement also mentioned that, Financial close was achieved on 18th October 2021 for the $7.2billion senior debt facilities arranged on a non-recourse project finance basis from a consortium of financiers comprising ADCB, Alinma Bank, Al Rajhi Bank, APICORP, Bank Aljazira, Bank Albilad, Bank of China, Banque Saudi Fransi, DZ Bank, First Abu Dhabi Bank, Intesa, JP Morgan Chase, Korea Development Bank, Mizuho Bank, MUFG, Natixis, Riyad Bank, SABB, Samsung Life, Samsung Securities, Saudi National Bank, Saudi Industrial Development Fund, SMBC and Standard Chartered Bank.
