ACWA Power’s Sukuk issue wins Local Currency Bond Deal of the Year award

ACWA Power’s Sukuk issue wins Local Currency Bond Deal of the Year award

- Award recognised ACWA Power’s successful SAR 1.8 billion sukuk issuance in February 2023

Riyadh, Saudi Arabia: Saudi-listed ACWA Power, the world’s largest private water desalination company, and a leader in energy transition and first mover into green hydrogen, won a prestigious award recognising the company’s success in raising SAR 1.8 billion through a sukuk issuance in February 2023.

The company took home the Local Currency Bond Deal of the Year award during the Capital Markets & ESG Finance awards ceremony by the GFC Media group held at the Fairmont Hotel in Riyadh on Tuesday 6th February.

The sukuk issuance was part of a wider SAR 5 billion programme. It was oversubscribed by 2.2 times, which reflects investors’ trust, confidence, and faith in the Saudi debt capital markets as well as ACWA Power’s strong credit fundamentals as the leading energy transition player in the Kingdom of Saudi Arabia and various international markets.

The Sukuk issuance’s pricing was one of the lowest achieved by a private sector corporate issuer since 2017 with a double-digit spread over the base rate. It had a unique structure with seven years tenor with a call option exercisable on the fifth anniversary of the issuance.

Marco Arcelli, ACWA Power CEO, said: