Saudi-listed ACWA Power has announced that it has received an equity bridge loan from the Bank of China worth $80 million to finance its renewable energy projects in Uzbekistan, comprising a 200MW Solar PV and 500MWh BESS.
It is the first instance of RMB loan cooperation between a Chinese bank and a Saudi enterprise.
It was shared that the equity bridge loan consists of two tranches, 50 per cent in RMB and 50 per cent in USD.
Further, ACWA Power noted that Chinese companies have invested more than $10 billion in ACWA Power projects since its inception.
Abdulhameed Al Muhaidib, Chief Financial Officer of ACWA Power, commented: “We have enjoyed a long and mutually beneficial partnership with Bank of China since 2009. This milestone is a strong signifier of the confluence between Saudi Arabia’s Vision 2030 and China’s Belt and Road initiative, and we are delighted to deepen our cooperation with Bank of China to bring renewable energy at competitive tariffs to our key markets including Uzbekistan.”
General manager of Bank of China, Pan Xinyuan, added: “I believe that the Belt and Road Initiative is in harmony with the Saudi Arabia’s Vision 2030. Bank of China will further leverage its strengths to support the cooperation between Saudi enterprises like ACWA Power and their Chinese partners for win-win objectives. Looking ahead, Bank of China will continue to improve financial connectivity to push the Belt and Road economies on a track of sustainable and high-quality development.”