Saudi Arabia’s ACWA Power, the world’s largest private water desalination company, has secured a Shariah-compliant term loan facility of SR750 million (approximately $119 million) from Alinma Bank to fund the construction of its new headquarters in Riyadh.
The seven-year loan agreement underscores the bank’s confidence in ACWA Power’s financial stability and its pivotal role in supporting Saudi Arabia’s Vision 2030 and energy transition goals. This move aligns with the Ministry of Environment, Water, and Agriculture’s target to meet 90% of Saudi Arabia’s water needs through desalination by 2030, with the remaining 10% sourced from ground and surface water.
ACWA Power’s Chief Financial Officer, Abdulhameed Al-Muhaidib, commented, “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 be a symbol of our commitment to innovation, sustainability, and the Kingdom’s ambitious goals for a cleaner, more prosperous future.”
The new office is set to be a state-of-the-art facility designed to centralize operations, promote teamwork, and encourage innovation. It will also feature eco-conscious workspaces, further supporting the company’s sustainability goals.
Alinma Bank’s Chief Corporate Banking Officer, Jameel Al-Hamdan, expressed pride in the bank’s role as the sole financier for the project. “This landmark project aligns with both organizations’ commitment to driving sustainability and innovation in the corporate sector and with the Kingdom’s net-zero strategy,” Al-Hamdan said.
ACWA Power, which reported a net profit of SR1.75 billion for 2024, has seen significant growth driven by increased revenue from operations, maintenance, and electricity sales. Its total revenue for 2024 stood at SR6.29 billion, reflecting a 3.32% increase compared to the previous year.
In February, the company also signed two agreements with Aramco to accelerate the deployment of renewable energy projects and explore the performance of vanadium flow batteries in Saudi Arabia’s climate.
