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ICBC provides $70 million loan to Acwa Power for working capital purposes
| Funder | Industrial and Commercial Bank of China (ICBC) |
|---|---|
| Recipient Organization | ACWA Power International |
| Country | South Africa |
| Start Date | Nov 13, 2017 |
| End Date | Jul 08, 2030 |
| Duration | 4,620 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 60238 |
Grant Description
ICBC provides USD 70 million loan to Acwa Power for working capital purposes On November 13, 2017, the Industrial and Commercial Bank of China (ICBC) disclosed that it had issued a $70 million working capital loan to Acwa Power for activities in South Africa.
Acwa Power is a developer, investor, co-owner and operator of a portfolio of power generation and desalinated water production plants that is headquartered in Saudi Arabia. It is unknown how the proceeds of this loan were used.
However, in 2018, Acwa Power agreed to construct the 100MW Redstone concentrated solar thermal power (CSP) plant in the country’s Northern Cape Province, its first project in South Africa.
ACWA Power also recently signed a $710 million 18-year syndicated loan facility agreement for the 100MW Redstone CSP Project. It is very likely that the proceeds of the ICBC loan supported this project.
Sources & References
- ENERGY AND INFRASTRUCTURE 2017
- Lenders lined up for Redstone CSP project
- Global Power and Energy Finance
- Remember the old normal? The deals that shook and shaped 2019 Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
All Grantees
ACWA Power International
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