Saudi’s ACWA Power secures $80mln funding from Bank of China
22 April 2024Saudi-listed ACWA Power received an equity bridge loan from Bank of China worth $80 million to finance its Tashkent 200 megawatt (MW) solar PV and 500 megawatt-hour (MWh) battery energy storage systems (BESS) in Uzbekistan.
The equity bridge loan consists of two tranches: 50 percent in Renminbi and 50 percent in US dollars, the company said in a statment.
The loan marks the first renminbi loan cooperation between a Chinese bank and a Saudi enterprise.
ACWA Power and its affiliates have cooperated extensively with Chinese entities for over 15 years.
Since its inception, Chinese companies have invested more than $10 billion in the company’s projects.
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