Gulf International Bank concludes power and water project financing in Saudi Arabia

The project is being implemented by Shuaibah Expansion Project Company (SEPC), a company owned by shareholders from the Kingdom of Saudi Arabia (namely, Arabian Company for Water and Power Projects 'ACWA Power Projects,' the Public Investment Fund and Saudi Electricity) and from Malaysia (Malakoff, Tenaga Nasional, Khazanah Nasional).

This financing follows the recent successful conclusion of the financing for the US$1.8 billion debt facility for Shuqaiq IWPP project, a new 850 MW crude oil fired power and 212,000 m3/day desalination plant and associated facilities. Developers of the Shuqaiq IWPP are ACWA Power Projects, Gulf Investment Corporation and Mitsubishi Corporation.

GIB played a leading role in both facilities. For the SEPC financing, GIB is the Islamic Facility Agent and a provider of senior debt and equity bridge loan.

Mohammad Abunayyan, Chairman of ACWA Power Projects and a Director of SEPC, said: "Once again we are able to rely on GIB's promptness, quality of service and commitment to customer satisfaction. We greatly appreciate GIB's unwavering support to the IWPP sector."

For the Shuqaiq IWPP financing of US$1.8 billion, GIB is the coordinating bank, structuring bank, financial modeling bank, joint book runner and intercreditor Agent.

GIB is a leading merchant bank in the Middle East with its principal focus on the Gulf Cooperation Council (GCC) states. It is one of the largest regional banks in the GCC, with more than US$27 billion of its own assets and US$22 billion of clients' assets under management. With a proven track record spanning more than 30 years, GIB provides client-led, innovative financial products and services to a wide customer base in the region, including investment banking, asset management, project and structured finance and Islamic banking.