RIYADH: Saudi utility giant ACWA Power has restructured debt and ownership in its Turkish affiliate, converting outstanding loans into equity following an agreement with major lenders and minority shareholders.
ACWA Guc, which operates the 950-megawatt combined cycle gas turbine power plant in Kirikkale, Turkiye, is partially and indirectly owned by ACWA Power.
The deal involves lenders converting their loans into shares of ACWA Guc based on specific shareholding agreements and conversion terms, according to a statement on the Saudi Stock Exchange.
To facilitate the transition, a wholly owned ACWA Power subsidiary will pay SR496.5 million ($132.2 million) to the lenders in installments over three years.
Source: Arab News
