ACWA Power announces financial close for $1.3 bln senior debt facilities for Red Sea JV

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ACWA POWER announced the completion of the financial close of the senior debt facilities for the Red Sea Multi-Utilities Project following the finalization on the conditions under the financing documents.

The wet financial close was concluded for $1.302 billion instead of $1.330 billion as in the previous announcement (dry financial close), the company said in a bourse filing.

The list of the consortium of financiers now includes Saudi National Bank in addition to the lenders mentioned in the previous announcement.

According to data compiled by Argaam, ACWA Power announced in December 2021 the dry financial closure for $1.33 billion (nearly SAR 5 billion) senior debt facilities for the Red Sea Multi-Utilities Project.

The dry financial closure was arranged on a non-recourse project finance basis from a consortium of financiers comprising Al Rajhi Bank, Banque Saudi Fransi, The Saudi British Bank (SABB), Arab Petroleum Investment Corporation (APICORP), Standard Chartered Bank, and Riyad Bank.

Moreover, the JV also secured equity bridge loan facilities from Bank Albilad, Bank AlJazira and Arab National Bank (ANB), in addition to working capital and VAT facilities worth $93.4 million from Al Rajhi Bank.