Saudi Arabia’s Acwa Power is planning to issue a $1bn bond in March as part of ambitious plans to raise capital for future investments.

MEED first reported Acwa Power’s intention to issue the $1bn bond in November. The power and water developer has mandated US investment bank Jefferies, the US’ Citigroup, China Construction Bank’s Singapore branch, Japan’s Mizuho and the UK’s Standard Chartered to arrange the bond.

Acwa Power’s Chairman Mohammed Abunayyan was recently quoted by some international media outlets as stating the bond would be issued in February. However, MEED understands the bond will be issued in March.

In early December, US-based agencies S&P and Moody’s 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, the developer, in partnership with China’s 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 Power’s chief investment officer (CIO) Rajit Nanda and Chief Financial Officer (CFO) discussed the company’s financial strategy and some of the developer’s future aims and ambitions.