ACWA Power has announced a restructuring of debt and equity in ACWA Guc, an affiliate in Turkey.

ACWA Guc, a partially and indirectly owned affiliate of the Saudi-listed company, owns and operates the 950-megawatt (MW) combined cycle gas turbine power plant in Kirikkale, Turkey.

The company and its related subsidiaries reached an agreement with the lenders and minority shareholders of ACWA Guc, ACWA Power said in a statement to the Saudi stock exchange on Sunday. 

The outstanding loans will be converted into equity in ACWA Guc. As a consideration for transferring loan receivables, a wholly-owned subsidiary of ACWA Power will pay the lenders $132.4 million in installments over three years. 
 
After the transaction's completion, ACWA Guc will be free of any commercial and third-party debt. The Turkish affiliate is expected to remain an equity-accounted investee for ACWA Power.

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(Editing by Anoop Menon) (anoop.menon@lseg.com)

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