Saudi Arabian energy developer Acwa Power signed a $125 million five-year Sharia-compliant corporate facility with multilateral lender Apicorp to support its growth plans.
The five-year facility will help Acwa Power to fund renewable energy projects. The term is suited to finance initial commitments for long-term projects. It can be used as a revolving loan during the first three years of a given project, then settled and redrawn as schemes are completed and refinanced. This allows Acwa to "recycle capital and increase financial capacity for further portfolio development and growth", Apicorp said in a statement.
The $125m commitment from Apicorp "will serve as an important funding source" to support the expansion of its green portfolio across markets, Kashif Rana, Acwa Power's chief financial officer, said.
"The revolving feature of this facility offers Acwa Power the flexibility to reallocate and thus optimise its utilisation," he added.
Apicorp is a multilateral lender set up by the 10 oil exporting nations in the Arab World. About 15 per cent of the Dammam-based institution's outstanding financing is being used to fund renewables projects, it said.
In October, Apicorp provided a $70.5m facility to help Acwa Power and its partners build the fifth phase of the Mohammed bin Rashid Al Maktoum Solar Park in the Dubai.
Acwa Power, which has $59.9 billion of assets producing 47.7 gigawatts of power, is playing a key role in Saudi Arabia's energy transition. The company is developing the kingdom's first-photovoltaic power project in the northern Al Jouf region.
The Sakaka plant, built at a cost of 1.2bn Saudi riyals ($320m), is part of the kingdom's plan to add 27.3GW of clean energy to its grid by 2024. Saudi Arabia is also set to become the Middle East's biggest wind power market in the next decade.Development has started on the 400MW Dumat Al Jandal wind farm, the kingdom's first utility-scale wind project, which was awarded to a consortium led by France’s EDF and Abu Dhabi’s Masdar in January 2019.
In November, Saudi Arabia's sovereign Public Investment Fund increased its stake in Acwa Power to 50 per cent.
The Bahrain branch of Baker & McKenzie acted as legal advisors for Apicorp, while the Riyadh office of Ashurst advised Acwa Power.
How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Tank warfare
Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks.
“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.
“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”
More on animal trafficking
Results
5pm: Maiden (PA) Dh80,000 (Turf) 1,200m. Winner: Majd Al Megirat, Sam Hitchcott (jockey), Ahmed Al Shehhi (trainer)
5.30pm: Handicap (PA) Dh80,000 (T) 1,600m. Winner: Dassan Da, Patrick Cosgrave, Helal Al Alawi
6pm: Abu Dhabi Fillies Classic Prestige (PA) Dh110,000 (T) 1,400m. Winner: Heba Al Wathba, Richard Mullen, Jean de Roualle
6.30pm: Abu Dhabi Colts Classic Prestige (PA) Dh110,000 (T) 1,400m. Winner: Hameem, Adrie de Vries, Abdallah Al Hammadi
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 2,200m. Winner: Jawal Al Reef, Richard Mullen, Ahmed Al Mehairbi
Handicap (TB) Dh100,000 (T) 2,200m. Winner: Harbour Spirit, Adrie de Vries, Jaber Ramadhan.
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
