Saudi Arabias 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 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.
Acwa Powers 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 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, 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.