ACWA Equity

completed

International Company for Water and Power Projects (the company) is a leading Middle East & North Africa (MENA)-based developer, investor, co-owner and operator of independent water desalination and power generation projects. From its main operations in Saudi Arabia, the company has in recent years expanded its business into other MENA countries (Oman, Jordan and Morocco) and further afield to Bulgaria, Turkey and the southern region of Africa (Mozambique and South Africa). The current portfolio of assets and investments delivers over 6,050 MW of power and around 2.3 million m³/day of desalinated water in Saudi Arabia; over 1,500 MW of power in Jordan; 427 MW of power and 91,000 m³/day of desalinated water in Oman and 60MWp using photovoltaic technology in its solar plant in Bulgaria. New capacity of over 6,100 MW of power generation, 55,000 m3/day of desalinated water and 2,270 tons per hour of steam capacity is under development or construction in Saudi Arabia. The company’s 50 MWe concentrated solar power (CSP) plant in South Africa, 160 MWe CSP plant in Morocco and a 45,000 m³/day of water desalination project in Oman are under construction. In addition, the company is developing (pre-construction phase) an 835 MW gas-fired power plant in Turkey and two coal-fired power plants – 270 MW in Mozambique and 450 MW in South Africa. The company plans to continue growing and diversifying its water and power generation portfolio across MENA and beyond in targeted countries through both greenfield developments and strategic acquisitions. IFC is considering an equity investment in the company to support its growth plan (the project), which includes increasing the share of renewable energy projects to 5-10% of the company’s power generation portfolio and continued expansion of business in emerging markets outside of Saudi Arabia.