Saudi developer will launch bond in last week of April
Saudi Arabias Acwa Power is preparing to issue a $1bn bond in the last week of April as part of ambitious plans to raise capital for future investments.
MEED first reported Acwa Powers intention to issue the $1bn bond in November. The power and water developer has mandated US investment bank Jefferies, the US Citigroup, China Construction Banks Singapore branch, Japans Mizuho and the UKs Standard Chartered to arrange the bond.
According to sources close to the transaction, the developer is now ready to issue the bond in the last week of April.
In early December, US-based agencies S&P and Moodys rated the Saudi portfolio of Acwa Power as investment grade, with ratings of BBB- and Baa3 respectively.
In 2016, Acwa Power secured financial close on six major transactions, representing a net power capacity of about 7.4GW.
In September last year, the developer, in partnership with Chinas Harbin International, reached financial close for the $3.4bn Hassyan coal-fired independent power project (IPP) in Dubai, which will have a total generation capacity of 4.3GW.
In an exclusive interview with MEED in December, Acwa Powers chief investment officer (CIO) Rajit Nanda and Chief Financial Officer (CFO) discussed the companys financial strategy and some of the developers future aims and ambitions.
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.