RIYADH: Saudi utility giant ACWA Power has restructured the debt and ownership of its Turkish affiliate, converting outstanding debt into equity following an agreement with major creditors and minority shareholders. ACWA Guc, which operates a 950-MW combined-cycle gas turbine power plant in Kiriklay, Turkey, is partially and indirectly owned by ACWA Power. The deal involves lenders converting their debt into shares of ACWA Guc based on a special shareholding agreement and conversion terms, according to a statement from the Saudi Stock Exchange.
