Local developer Acwa Power has secured refinancing facility equivalent to US$800mn for its subsidiary Rabigh Arabian Water & Electricity Company (RAWEC)
The financing was raised from local banks, and has a tenor of 8.5 years maturing in 2030. The total outstanding amount of senior debt and accrued interest which will be paid using the proceeds of the new facility totals US$763mn.
The US$800mn senior financing facility is expected to be drawn before the end of December 2021.
RAWEC is an independent water, power and steam producer which has an offtake agreement with Rabigh Refining Petrochemical Company.
