ACWA Power (2082) Investor presentation summary

Transaction overview

• Partial divestment of 30% shareholding in RAWEC, a key utility provider to Petro Rabigh, was executed as part of a capital recycling program.

• The divestment involved selling 19% via Oasis Power and 11% via APP, with a sales consideration of SAR 844 million (USD 225 million) to Hassana Investment Company.

• ACWA Power expects to realize a gain from the transaction, with the final amount determined at closing.

• The transaction aligns with bond covenants, utilizing USD 37.5 million from the MRE bucket for mandatory redemption events.

Impact on bondholders and portfolio

• RAWEC remains a major contributor to ACWA39 bond cash flows, but its concentration will decrease by 200 basis points post-divestment.

• DSCR for 2025 is expected to marginally reduce by 0.03x but will remain well above the 1.35x threshold.

• The portfolio continues to be serviced by diversified cash flows from six projects and NOMAC.

• Divestment of 11% from the pledged portfolio improves overall cash flow concentration for bondholders.

• No adverse impact on ACWA39 commitments from previous asset disposals, such as SQWEC.