Saudi Arabia’s ACWA Power Plans to Raise USD 1 Billion Via Sukuk in Early 2021

Saudi Arabia's ACWA Power International (ACWA) is planning to raise around USD 1 billion via the issuance of Sukuk in early 2021, according to media reports, based on people familiar with the matter.

The company, which is half owned by Saudi Arabia’s sovereign wealth fund and is a prominent power plan developer in the Middle East, has appointed the Saudi unit of HSBC Holdings and Samba Capital to act as advisors on the issuance, according to anonymous sources.

As reported by media, the Sukuk will be used to fund ACWA’s share of an USD 8 billion acquisition of gasification and power assets at Jazan, which is located on Saudi Arabia’s west coast. The Sukuk will be f...