Riyadh – Mubasher: The International Company for Water and Power Projects (ACWA Power) has closed $1.33 billion senior debt facilities for the development, construction and operations, and maintenance of the Red Sea multi-utilities project.
The project is a joint venture (JV) between ACWA Power that owns a 50% stake, SPIC Huanghe Hydropower Development Company (SPIC), and Saudi Tabreed District Cooling Company (Saudi Tabreed), according to a bourse filing on Wednesday.
Under a 25-year offtake contract with the Red Sea Utilities Company, the JV will complete several works, including the financing, construction, procurement, testing and commissioning, operation and maintenance, and transfer of the project systems.
The facilities were arranged from a financier consortium, comprising Al Rajhi Banking and Investment Corporation, Banque Saudi Fransi, The Saudi British Bank, Arab Petroleum Investment Corporation (APICORP), Standard Chartered Bank, and Riyad Bank.
The JV has also been granted equity bridge loan facilities from Bank Al Bilad, Bank Al Jazira, and Arab National Bank and a working capital and VAT facility for $93.4 million from Al Rajhi Banking and Investment Corporation.
