ACWA Power of Saudi Arabia is progressing with its plans for a US dollar dominated bond offering in February, after delaying the deal which had originally been expected in December 2016. Mandated banks are China Construction Bank Singapore, Jefferies, Citi, Mizuho, and Standard Chartered Bank, in what could be a US$1 billion offering.

ACWA power develops, co-owns, and operates water and power plants in Saudi Arabia and globally, including gas fired, clean coal, and solar. These include a solar power plant in the Northern Cape in South Africa, and solar plants in Morocco.

The company is also developing the 485MW Hussein combined cycle gas turbine project in Jordan, and last week signed a 25-year power purchase agreement with Jordan's state power utility.

The upcoming corporate bond from ACWA follows the October 2016 dollar sovereign offering from Saudi Arabia, which was its debut in the international bond markets. There was very strong demand from Asia, for what was the largest ever emerging markets bond deal. In spite of offering US$17.5 billion worth of bonds, the transaction was four times oversubscribed. Joint global coordinators were Citi, HSBC, and JP Morgan Chase. Bank of China featured as one of the bookrunners.