ACWA Power Signs USD 125 Million Shariah-Compliant Facility to Finance Pipeline of Future Projects

Saudi Arabia’s ACWA Power has signed a USD 125 million Shariah-compliant corporate facility deal with the Arab Petroleum Investments Corporation (APICORP) to develop ACWA Power’s pipeline of future projects, according to local media reports.

The five-year Shariah-compliant financing deal, which was announced on the 4th of January 2021, aligns with the common goal of ACWA Power and APICORP to accelerate the energy transition in the Middle East and North Africa region and globally via green technologies, which make up over 15% of the financing portfolio of APICORP, as reported in local media.

ACWA Power is half owned by Saudi Arabia’s sovereign Public Investment Fund, and is a prominent developer and operator of power generation and desalinated water...