ACWA Power raises additional SR1.1 billion

17/08/2015 04:42 AST

Saudi Arabian power plant developer ACWA Power has raised an additional SR1.109 billion ($295.7 million) of loan finance from the kingdom's banks, it said in a statement on Sunday.

It increased its 2013 revolving credit facility by SR400 million, with National Commercial Bank and Samba Financial Group contributing equally to the extra amount.

The facility, now worth SR2.175 billion and also backed by Banque Saudi Fransi and Saudi British Bank, has also had its maturity extended by one year to 2019.

The power and water firm has also signed a new five-year revolving corporate facility worth SR709 million with Arab National Bank, Bank Al Bilad and Saudi Hollandi Bank.

The transactions enhance ACWA Power's financial flexibility, and the extension of the 2013 facility was also completed without incremental cost to the borrower, the statement added.


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