Riyadh – Mubasher: The International Company for Water and Power Projects (ACWA Power) has closed an $800 million refinancing facility.
The senior financing facility was raised from the local bank market and has a tenor of 8.5 years maturing in 2030, according to a bourse filing on Thursday.
ACWA's subsidiary Rabigh Arabian Water and Electricity Company (RAWEC) will use the proceeds of the facility, denominated in US dollar and Saudi riyals, for financial commitments and general corporate purposes.
RAWEC's commitments include the prepayment of its existing senior debt facility worth $763 million and financing expenses.
ACWA Power holds an indirect 99% equity stake in RAWEC through its wholly-owned subsidiaries.
