SBI Shinsei Bank, Limited

SBI Shinsei Bank, Limited (Head Office: Chuo-ku, Tokyo; President and CEO: Katsuya Kawashima, hereinafter “the Bank”) signed a project finance agreement on December 11, 2025, for Rabigh Three Company (hereinafter “the Borrower”), a special purpose company jointly invested by ACWA POWER COMPANY (Head Office: The Kingdom of Saudi Arabia; Founder and Chairman of the Board of Directors: Mohammad A. Abunayyan, hereinafter “ACWA Power”) and SAUDI BROTHERS COMMERCIAL COMPANY (Head Office: The Kingdom of Saudi Arabia; President: Abdulaziz Mohamed Al Nowaiser).

 

This project involves the operation of a seawater desalination plant in Rabigh, western Saudi Arabia. The Borrower began construction of the plant in March 2019, completed it in December 2021, and is now operating a water production plant with a supply capacity of 600,000 cubic meters per day under a 25-year water purchase agreement.

 

SBI Holdings, Inc. (Head Office: Minato-ku, Tokyo; Chairman and President: Yoshitaka Kitao) has entered into a Memorandum of Understanding with ACWA Power on May 21, 2024*. As the core bank of the SBI Group, the Bank has been seeking a wide range of business partnership opportunities, and this marks our first execution of a loan agreement to finance for a project sponsored by ACWA Power.

 

This is the Bank’s first initiative to provide financing for a project in Saudi Arabia. ACWA Power is the world’s largest private water desalination company and one of the largest independent power producers in the Middle East. The Bank will continue to promote further business expansion in the Middle East region through a strong cooperative relationship with ACWA Power.

 

*For details, please refer to the SBI Holdings press release:

https://www.sbigroup.co.jp/english/news/pdf/2024/0521_c_en.pdf

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