ACWA Power Co. Announces the Financial Close for Shuaibah 3 IWP Project and the refinancing and the restructuring of Shuaibah 3 IWPP Project.

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Announcement Detail	ACWA Power Co. announces the financial close for the Shuaibah 3 IWP Project with total investment cost of USD 821 million. The project is a joint venture (JV) between ACWA Power Co. and Water and Electricity Holding Company (Badeel), with ACWA Power holding a 68% equity stake. The project involves the development, financing, design, engineering, procurement, manufacture, factory testing, transportation, construction, erection, installation, completion, testing, commissioning, insurance, ownership, operation and maintenance of desalination for the Shuaibah 3 IWP Project (the“Project”) and the JV will complete the development, financing, design, engineering, construction, procurement, testing and commissioning, operation and maintenance of the Project, under a 25-year offtake contract with Saudi Water Partnership Company (“SWPC”). Financial close for the USD 632 million senior debt facilities arranged on a non-recourse project finance basis from a consortium of financiers comprising Standard Chartered Bank, MUFG, ADIB, SNB, BOC, SAIB, ICBC, KDB and Warba Bank. In addition, the JV has secured Equity Bridge Loan facilities of USD 189 million from SABB and Riyad bank. In addition, ACWA Power Co. achieved the Shuaibah 3 IWPP financial close for the refinancing of the existing senior facility denominated in USD and SAR, the proceed of which would be utilized by Shuaibah Water and Electricity Company (“SWEC”) for varied financial commitments including the prepayment of its existing senior debt facility, financing expenses and for tax purposes. ACWA Power’s holds 30% effective equity stake in SWEC. SWEC has successfully replaced USD and SAR tranches of existing outstanding senior debt (USD 415 million) and (SAR 285 million) respectively with USD 420 million and SAR 285 million facilities respectively, repayable semi annually with final installment to be paid in January 2026. Financial close for the USD497 million senior debt facility arranged on a non-recourse project finance basis was from a consortium of financiers comprising Societe Generale, Al Rajhi Bank, Riyad Bank, Saudi Fransi Bank and ADCB. In addition to above a special facility of USD 69 million raised for tax purposes, repayable semi annually with its first payment due in January 2025 and final repayment in July 2029, has also been secured from Societe Generale, Al Rajhi Bank and ADCB. Further, SWEC is also in process of replacing existing subordinated debt facility (USD 112 million) with a USD 230 million subordinated debt facility at a favorable interest rate, repayable semi annually with final installment to be paid in January 2026. Altogether, the new financing facilities optimizes the capital structure of Shuaibah 3 IWPP.

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Explanation

Announcement Detail

ACWA Power Co. announces the financial close for the Shuaibah 3 IWP Project with total investment cost of USD 821 million. The project is a joint venture (JV) between ACWA Power Co. and Water and Electricity Holding Company (Badeel), with ACWA Power holding a 68% equity stake. The project involves the development, financing, design, engineering, procurement, manufacture, factory testing, transportation, construction, erection, installation, completion, testing, commissioning, insurance, ownership, operation and maintenance of desalination for the Shuaibah 3 IWP Project (the“Project”) and the JV will complete the development, financing, design, engineering, construction, procurement, testing and commissioning, operation and maintenance of the Project, under a 25-year offtake contract with Saudi Water Partnership Company (“SWPC”).

Financial close for the USD 632 million senior debt facilities arranged on a non-recourse project finance basis from a consortium of financiers comprising Standard Chartered Bank, MUFG, ADIB, SNB, BOC, SAIB, ICBC, KDB and Warba Bank. In addition, the JV has secured Equity Bridge Loan facilities of USD 189 million from SABB and Riyad bank.

In addition, ACWA Power Co. achieved the Shuaibah 3 IWPP financial close for the refinancing of the existing senior facility denominated in USD and SAR, the proceed of which would be utilized by Shuaibah Water and Electricity Company (“SWEC”) for varied financial commitments including the prepayment of its existing senior debt facility, financing expenses and for tax purposes. ACWA Power’s holds 30% effective equity stake in SWEC.

SWEC has successfully replaced USD and SAR tranches of existing outstanding senior debt (USD 415 million) and (SAR 285 million) respectively with USD 420 million and SAR 285 million facilities respectively, repayable semi annually with final installment to be paid in January 2026.

Financial close for the USD497 million senior debt facility arranged on a non-recourse project finance basis was from a consortium of financiers comprising Societe Generale, Al Rajhi Bank, Riyad Bank, Saudi Fransi Bank and ADCB.

In addition to above a special facility of USD 69 million raised for tax purposes, repayable semi annually with its first payment due in January 2025 and final repayment in July 2029, has also been secured from Societe Generale, Al Rajhi Bank and ADCB.

Further, SWEC is also in process of replacing existing subordinated debt facility (USD 112 million) with a USD 230 million subordinated debt facility at a favorable interest rate, repayable semi annually with final installment to be paid in January 2026.

Altogether, the new financing facilities optimizes the capital structure of Shuaibah 3 IWPP.