Project is a joint venture (JV) agreement between Aramco, ACWA Power, Air Products and Air Products Qudra

Transaction is the largest project finance agreement in ACWA Power’s history

ACWA Power, a leading developer, investor and operator of power generation, desalinated water and green hydrogen plants, today announced the financial close and completion of the acquisition of the first group of assets for the Jazan integrated gasification combined cycle (IGCC) project. 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.

The Jazan IGCC project’s financial close was achieved on 18th October 2021 for the $7.2billion senior debt facilities through a diverse mix of local, regional, and international banks and financial institutions. Some aspects of the limited recourse project financing involve the participation of the Saudi Industrial Development Fund (SIDF), a consortium of far-eastern non-bank financial institutions, traditional commercial banks and Islamic banks.