ACWA POWER Co. announces the signing of the financing documents for the 818,280 m3/day (180 Million Imperial Gallon per Day MIGD) Hassyan IWP plant in Dubai, United Arab Emirates.

The total investment cost is SAR 3,448,586,597 (USD 919,623,093).

The project company Hassyan Water Company signs the financing agreements.

Financing entity includes a mix of local and international commercial lenders (Standard Chartered bank, MUFG BANK, LTD, Emirates NBD Bank, Korea Development Bank, Commercial Bank of Dubai, Abu Dhabi Commercial Bank, China Construction Bank, Agricultural Bank of China, Arab Petroleum Investments Corporation, Sumitomo Mitsui Trust Bank, Industrial and Commercial Bank Of China Limited, Boubyan Bank, and export credit agency (Saudi EXIM)).

Financing amount is SAR 2,767,393,484 (USD 737,971,596) for the duration of approximately 32.5 years.

ACWA Power effective shareholding in the project company is 20.40%

Earlier, during October 2023, Dubai Electricity and Water Authority (DEWA) and ACWA Power Signs agreements for Hassyan Sea Water Desalination Project. (read more)