ACWA Power gets $344m loan for Dubai solar project

Updated 01 March 2015
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ACWA Power gets $344m loan for Dubai solar project

ABU DHABI: Saudi Arabia's ACWA Power is obtaining a loan of about $344 million from three banks to finance a solar energy project in Dubai, Chief Executive Paddy Padmanathan said on Sunday.
The 27-year amortising loan with an interest rate of 4 percent is being provided by Abu Dhabi's First Gulf Bank and two Saudi banks, National Commercial Bank and Samba Financial Group, he told reporters on the sidelines of a business conference.
Padmanathan said the entire project would cost about $400 million, of which the bank financing would account for 86 percent. "We are working towards signing by end-March," he said.
The solar plant, to be built by a consortium of ACWA and Spain's TSK, was ordered by Dubai Electricity and Water Authority and will have a capacity of 200 megawatts.
ACWA is preparing bids for projects worth $7 billion in areas from from south Asia to the Middle East and North Africa and South Africa, Padmanathan said. "It is a very, very buoyant sector."
The company's 2014 results are due to be compiled in April and it expects to achieve 15-20 percent profit growth, Padmanathan added.
ACWA is awaiting regulatory approval for an initial public offer of its shares; the size of the IPO has not been finalized, he said. Asked about the company's value, he said: "We control about $25 billion-plus of assets — that is, we are invested in."


Abraaj founder’s extradition hearing adjourned

Updated 18 April 2019
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Abraaj founder’s extradition hearing adjourned

  • The US alleges that Arif Naqvi and his firm raised money for the Abraaj Growth Markets Health Fund, collecting more than $100 million over three years from US-based charities and investors
  • According to the SEC’s complaint, Naqvi misappropriated money from the health fund and commingled the assets with corporate funds of Abraaj Investment Management

LONDON: A case in a London court to extradite Arif Naqvi, the founder of collapsed private equity firm Abraaj, to the US on fraud charges was adjourned until April 26, a court official said on Thursday.
The official said that a former managing partner of Dubai-based Abraaj, Sev Vettivetpillai, had also been arrested and was facing a US extradition request linked to the same charges.
While at Abraaj, Vettivetpillai was head of impact investing in a role that oversaw the firm’s troubled health care fund. Abraaj’s executives are facing US charges that they defrauded investors, including the Bill & Melinda Gates Foundation.
The US Securities and Exchange Commission alleges that Naqvi and his firm raised money for the Abraaj Growth Markets Health Fund, collecting more than $100 million over three years from US-based charities and other US investors.
According to the SEC’s complaint, Naqvi misappropriated money from the health fund and commingled the assets with corporate funds of Abraaj Investment Management and its parent company, and used it for purposes unrelated to the health fund.
Naqvi pleaded innocent last week in a statement released through a PR firm.
He was arrested in the UK earlier this month, while managing partner Mustafa Abdel-Wadood was arrested at a New York hotel, Assistant US Attorney Andrea Griswold told a Manhattan federal court on April 11.