- Acwa Power secured a $200 million loan facility from Alinma Bank to fund the development of its new corporate headquarters in Riyadh, Saudi Arabia.
- Acwa Power’s CFO, Abdulhameed Al Muhaidib, emphasised that the new headquarters would symbolise their commitment to innovation and sustainability.
Acwa Power, a leading private water desalination company, energy transition pioneer, and first mover into green hydrogen, has secured a significant SAR750 million ($200 million) shariah-compliant term loan facility from Alinma Bank, a prominent Saudi financial institution.
This substantial financing agreement highlights Acwa Power’s strong financial position, its strategic alignment with Saudi Arabia’s Vision 2030, and its ambitious energy transition goals.
The seven-year loan will fund the construction of Acwa Power’s new corporate headquarters in Riyadh. This state-of-the-art facility will serve as a cornerstone for the company’s continued leadership in sustainable energy solutions.
Abdulhameed Al Muhaidib, the Chief Financial Officer of Acwa Power, and Jameel Alhamdan, the Chief Corporate Banking Officer of Alinma Bank, formalised the agreement through their signatures.
Reflecting on the deal, Al Muhaidib remarked, “This financing from Alinma Bank highlights our strong financial position and the confidence the market has in our vision. Our new headquarters will be more than just a building; it will symbolise our commitment to innovation, sustainability, and the Kingdom’s ambitious goals for a cleaner, more prosperous future.”
On the significance of the deal, Alhamdan expressed pride in Alinma Bank’s role as the sole financier for this critical project. He stated, “This landmark project aligns with both organisations’ commitment to driving sustainability and innovation in the corporate sector and with the Kingdom’s net-zero strategy.”
The new headquarters is not only a symbol of Acwa Power’s growth but also a strategic investment in sustainability and innovation. According to Alhamdan, the facility will unify Acwa Power’s operations and enhance team collaboration, fostering an environment conducive to innovation.
Moreover, the new headquarters will be an environmentally friendly workplace designed to support the company’s commitment to sustainable practices while offering an attractive setting for top talent.
In conclusion, this deal underscores Acwa Power’s financial robustness and pivotal role in Saudi Arabia’s green energy transition. The company’s new headquarters will serve as an operational hub and a tangible representation of the Kingdom’s clean energy ambitions and Acwa Power’s integral role in achieving those goals.