EXCLUSIVE: Acwa Power sets final pricing for $814m bond

09 May 2017

Bond will be issued on Global Exchange Market of Irish stock exchange

Saudi Arabian developer Acwa Power will price an $814m bond with a coupon rate of 5.95 per cent for a 22 year maturity period.

The developer’s debut bond will be issued in US dollars and will be listed on the Global Exchange Market of the Irish Stock Exchange. The bond is secured by cash flows and other securities from eight operating power generation and/or desalination plants in Saudi Arabia.

The US’ Jeffries is the sole structuring adviser for the issuance, with the US’ Citi and Jeffries as joint global coordinators. CCB Singapore, Japan’s Mizuho Bank, Saudi Arabia’s NCB Capital and UK’s Standard Chartered were joint bookrunners. Japan’s MUFG and SMBC Nikko are co-managers for the transaction.

MEED first reported that Acwa Power was planning to issue a megabond in November.

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 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 2.4GW.

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.

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