Saudi ACWA Power raises extra SAR 1.1 bln loan finance

Riyadh-based water and power plant developer ACWA Power has raised an additional SAR 1.109 billion of loan finance from local banks.

The company said in a statement Sunday that it increased its 2013 revolving credit facility by SAR 400 million, with National Commercial Bank and Samba Financial Group contributing equally to the additional amount.

The facility, which is worth SAR 2.175 billion, has had its maturity extended by an additional year to 2019. It is also backed by Banque Saudi Fransi and Saudi British Bank.

The company has also signed a five-year revolving finance deal worth SAR 709 million with Arab National Bank, Bank Al Bilad, and Saudi Hollandi Bank.

The deal is set to enhance ACWA Power’s financial flexibility, and the extension of the 2013 facility was also completed without incremental cost to the borrower, according to the statement.