In a significant move within the realm of international finance, ACWA Power, a leading developer and operator of power and water desalination plants, has recently inked pivotal agreements with a consortium of local and international banks. The purpose? To secure the much-needed funding for the Hassyan Independent Water Producer (IWP) plant in Dubai.

The company, in an official statement, revealed the successful acquisition of SAR 2.76 billion from a diverse array of lenders, both local and international, spanning a lengthy financing period of 32.5 years. Among the notable banking institutions involved in this venture are Standard Chartered, MUFG Bank, Emirates NBD, and an array of others, showcasing the robust support garnered from across the financial sector.

The financing landscape of this endeavor further expanded with the participation of the Saudi Export-Import Bank, which proudly announced a financing agreement of $75 million with ACWA Power. This agreement, as stated by the Saudi Exim Bank, aims to bolster the presence of Saudi content in global projects while fostering the growth of non-oil exports from the Kingdom. Moreover, it aligns with the overarching principles of sustainability, echoing the commitment of both parties towards environmentally conscious initiatives.

At the forefront of this strategic initiative is the Hassyan Water Company, where ACWA Power holds a significant ownership stake of 20.40 percent. Through collaborative efforts and strategic partnerships, this venture aims not only to address the pressing need for water production in Dubai but also to set a precedent for sustainable development practices in the region.

In essence, the successful securing of funding for the Hassyan IWP plant not only underscores ACWA Power's financial prowess but also exemplifies a shared commitment towards fostering economic growth and sustainability on a global scale.