ACWA Power marks financial close for Jazan IGCC project – Construction Week Online

ACWA Power marks financial close for Jazan IGCC project – Construction Week Online

Developer, investor and operator of power generation, desalinated water and green hydrogen plants, ACWA Power has marked the financial close and completion of the acquisition of the first group of assets for the Jazan integrated gasification combined cycle (IGCC) project.

The joint venture will complete the commissioning and testing and commence operating, and maintaining the plant to supply power, steam, hydrogen, and other utilities for Aramco’s Jazan refinery, under a 25-year contract with Aramco.

The Jazan IGCC project’s financial close was achieved for the $7.2bn senior debt facilities through a diverse mix of local, regional, and international banks and financial institutions. Some aspects of the limited recourse project financing involve the participation of the Saudi Industrial Development Fund (SIDF), a consortium of far-eastern non-bank financial institutions, traditional commercial banks and Islamic banks.