ACWA Power, the world’s largest private water desalination company, leader in energy transition and first mover into green hydrogen, has secured a SAR 750 million Shariah-compliant term loan facility from Alinma Bank, the seven years facility will be used to fund the development of its new corporate headquarter in Riyadh. The sizeable financing underscores Alinma Bank’s confidence in ACWA Power’s robust financial standing and its strategic role in Saudi Arabia’s Vision 2030 and energy transition goals.
Abdulhameed Al Muhaidib, Chief Financial Officer of ACWA Power, and Jameel Alhamdan, Chief Corporate Banking Officer of Alinma Bank, signed the loan agreement respectively.
Commenting on the announcement, Abdulhameed Al Muhaidib, Chief Financial Officer, ACWA Power, said: “This financing from ALINMA Bank highlights our strong financial position and the confidence the market has in our vision. Our new headquarters will be more than just a building; it will be a symbol of our commitment to innovation, sustainability, and the Kingdom’s ambitious goals for a cleaner, more prosperous future.”
Jameel Alhamdan, Chief Corporate Banking Officer, ALINMA Bank, said: “Alinma is proud to announce its role as the sole financier for the development of ACWA Power’s new state-of-the-art, environmentally sustainable head office. This landmark project aligns with both organizations’ commitment to driving sustainability and innovation in the corporate sector and with the Kingdom’s net zero strategy.”
ACWA Power’s new headquarter in Riyadh marks our commitment as the local champion for energy transition, through a state-of-the-art facility specifically designed to unify the company’s operations and enhance collaboration and innovation among teams. It will also provide an environmentally friendly workplace that enables the employees to perform their duties within a framework that promotes sustainability—creating an attractive environment for attracting and retaining top talent.