Economy

ACWA Power Saves Turkish Affiliate with Bold Debt Move

Saudi Utility Giant ACWA Power Restructures Debt and Ownership in Turkish Affiliate

In a strategic move, ACWA Power, the Saudi utility giant, has revamped debt and ownership structure in its Turkish affiliate, ACWA Guc. This transformation comes after reaching an agreement with major lenders and minority shareholders.

ACWA Guc, known for operating the 950-megawatt combined cycle gas turbine power plant in Kirikkale, Turkiye, is partially and indirectly owned by ACWA Power.

The agreement entails lenders converting their outstanding loans into shares of ACWA Guc as per specific shareholding agreements and conversion terms. This groundbreaking development was announced on the Saudi Stock Exchange.

To streamline the transition process, a wholly owned subsidiary of ACWA Power will make payments totaling SR496.5 million ($132.2 million) to the lenders in installments spread over three years. This move signifies a significant shift in the financial landscape of ACWA Power’s Turkish operations.