(MENAFN) ACWA Power, the Saudi-based power generation and desalinated water production plants' operator, intends to raise USD8 billion of debt over the first six month of the current year, according to the latest reports.
This move is driven by the firm's goal to finance plans that will help to boost its generating capacity by a third by the end of 2016, amid difficult market conditions for Middle Eastern developers, with gulf nations reviewing expenditure.
Among the schemes assigned for ACWA's proposed new funding is the 1,200 megawatt (MW) Hassyan clean coal power plant in Dubai, which it is constructing in conjunction with China's Harbin Electric and with Alstom as the lead contractor.
Moreover, the Riyadh-based giant's portfolio of assets and investments basically delivers power and desalinated water in Saudi Arabia, Jordan, and Oman, let alone the company also operates a solar plant in Karadzhalovo, Bulgaria.
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