In April this year, Saudi-based water power generator, ACWA Power, obtained its first equity bridge loan, 50% of which was denominated in Renminbi, with the other half in US dollars. The total $80 million of proceeds will be channelled to fund the firm’s solar and battery energy system projects based in Uzbekistan.
The transaction was significant as the first Rmb financing facility between ACWA Power and a Chinese financial institution, and also as the first one between a Saudi corporate and a Chinese bank. The initial agreement was reached during the third Belt and Road Forum in October 2023, according to a press release from the firm.
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