Monday, December 5 2022 Sign In   |    Register
 

News Quick Search


 

News


Front Page
Power News
Gas News
Today's News
Yesterday's News
Week of Dec 05
Week of Nov 28
Week of Nov 21
Week of Nov 14
Week of Nov 07
By Topic
By News Partner
News Customization
Feedback

 

Pro Plus(+)


Add on products to your professional subscription.
  • Energy Archive News
  •  



    Home > News > Gas News > News Article

    Share by Email E-mail Printer Friendly Print

    ACWA Power Co. announces the signing of the sale of its 49% stake in ACWA Power Uzbekistan Project Holding Company.


    September 20, 2022 - Saudi Stock Exchange

     

      ELEMENT LIST EXPLANATION
      Transaction Details ACWA Power Co. (the Company) announces signing the SPA of the sale of the Company's 49% stake in ACWA Power Uzbekistan Project Holding Company Limited today 14 September 2022 with a subsidiary of the Silk Road Fund of China - CVXF Inc.
      Transaction Value USD 130 million

      Includes the Investors portion of Equity Bridge Loan and Equity in Subordinated Advance form.

      Transaction Terms N/A
      Parties of the Transaction ACWA POWER CONVENTIONAL ENERGY LIMITED

      CVXF INC.

      Transaction Funding Method N/A
      Transaction Execution Date 2022-09-14 Corresponding to 1444-02-18
      Description of the Business of the Asset forming the Subject Matter of the Transaction The project is a 1,500 MW combined cycle gas-fired power plant in the Sirdarya region of Uzbekistan, being developed by ACWA Power under a "Build, Own, Operate, Transfer" framework and financed by multilateral development banks and commercial banks.

      The project company has entered into a 25-year power-purchase agreement with JSC National Electric Grids of Uzbekistan. China Energy Engineering Corporation Limited acts as the EPC contractor of the project and commenced the construction work in the beginning of 2021. The project is scheduled to reach commercial operation in 2024.

      Asset Book Value USD 103 million

      Consolidated net assets of the holding company including hedge reserves.

      Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction The company was established in 2020 and therefore, only financial statements for 2 years are available.
      Transaction reasons The sale is part of ACWA Power's capital recycling strategy.
      Expected Impact of the Transaction on the Company and Its Operations The transaction is not expected to result in any material financial impact to the Company.
      Details of Using The Proceeds of the Asset Sale The proceeds will be used for general corporate purposes.
      Related Parties N/A
      Additional Information Closing (share transfer) is subject to satisfaction of the CPs in SPA.
      Attached Documents

      The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

    TOP

    Other Articles - International


    TOP

       Home  -  Feedback  -  Contact Us  -  Safe Sender  -  About Energy Central   
    Copyright © 1996-2022 by CyberTech, Inc. All rights reserved.
    Energy Central® and Energy Central Professional® are registered trademarks of CyberTech, Incorporated. Data and information is provided for informational purposes only, and is not intended for trading purposes. CyberTech does not warrant that the information or services of Energy Central will meet any specific requirements; nor will it be error free or uninterrupted; nor shall CyberTech be liable for any indirect, incidental or consequential damages (including lost data, information or profits) sustained or incurred in connection with the use of, operation of, or inability to use Energy Central. Other terms of use may apply. Membership information is confidential and subject to our privacy agreement.