• Award recognised ACWA Power’s successful SAR 1.8 billion sukuk issuance in February 2023

Riyadh, Saudi Arabia: Saudi-listed ACWA Power, the world’s largest private water desalination company, and a leader in energy transition and first mover into green hydrogen, won a prestigious award recognising the company’s success in raising SAR 1.8 billion through a sukuk issuance in February 2023.

The company took home the Local Currency Bond Deal of the Year award during the Capital Markets & ESG Finance awards ceremony by the GFC Media group held at the Fairmont Hotel in Riyadh on Tuesday 6th February.

The sukuk issuance was part of a wider SAR 5 billion programme. It was oversubscribed by 2.2 times, which reflects investors’ trust, confidence, and faith in the Saudi debt capital markets as well as ACWA Power’s strong credit fundamentals as the leading energy transition player in the Kingdom of Saudi Arabia and various international markets.

The Sukuk issuance’s pricing was one of the lowest achieved by a private sector corporate issuer since 2017 with a double-digit spread over the base rate. It had a unique structure with seven years tenor with a call option exercisable on the fifth anniversary of the issuance.

Marco Arcelli, ACWA Power CEO, said: “We are delighted to receive this award recognising the success of our maiden sukuk programme. It also underscores investor confidence in ACWA Power successfully leading the energy transition, driving technological advancements in renewable energy, and in turn creating value for our stakeholders.”

“For ACWA Power, ESG is at the heart of everything we do. Guided by the Kingdom’s Vision 2030, we are dedicated to supporting a rapid and responsible transition to cleaner sources of energy,” he added.

Abdulhameed Al Muhaidib, the company’s CFO, added: “I am immensely proud of ACWA Power’s success in financial structuring innovations and particularly in executing green and sustainable solutions. This award is proof of investors’ confidence in our robust business model and credit standing as evident from the diverse investor base that supported the Sukuk programme, including commercial banks, insurance companies, mutual funds, and many others. We are thankful to our investors and wider stakeholders for their continuous support.”

About ACWA Power

ACWA Power (TADAWUL:2082) is a Saudi-listed company and the world's largest private water desalination company, the first mover into green hydrogen, and a leader in energy transition. Registered and established in 2004 in Riyadh, Saudi Arabia, ACWA Power employs over 4,000 people and is currently present in 12 countries in the Middle East, Africa, Central Asia and Southeast Asia. ACWA Power’s portfolio comprises 81 projects in operation, advanced development, or construction with an investment value of SAR 318 billion (USD 84.7 billion), and the capacity to generate 55.1 GW of power and manage 7.64 million m3/day of desalinated water per day, delivered on a bulk basis to address the needs of state utilities and industries on long term, off-taker contracts under utility services outsourcing and Public-Private-Partnership models.

Media contacts:
Yahya Hamidaddin, Executive Director – Media Affairs & External Communications – YHamidaddin@acwapower.com
Mohammed Al Hasan, Senior Manager – PR, Media & Content – Moalhasan@acwapower.com
Marco Ferrari, Associate Manager – PR, Media & Content – Mferrari@acwapower.com