ACWA Power announces financial close of $800 mln refinancing facility for subsidiary

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International Company for Power and Water Projects (ACWA Power) announced the financial close for an $800 million refinancing facility, denominated in USD and SAR, the company said in a bourse statement. 

The proceeds will be utilized by its subsidiary, Rabigh Arabian Water & Electricity Co. (RAWEC), for varied financial commitments, including the pre-payment of its existing senior debt facility, financing expenses and general corporate purposes, namely distribution of dividends. 

The total outstanding amount of existing senior debt and accrued interest, which is being paid using the proceeds of the new facility, stands at $763 million. The new financing facility is expected to save finance costs for RAWEC.  

The $800 million senior financing facility, which was raised from the local banks and has a tenor of 8.5 years maturing in 2030, is expected to be drawn down prior to the end of this year. 

RAWEC is an independent water, steam and power producer that supplies these essential utilities on a captive basis to an integrated refinery and petrochemical complex owned by Rabigh Refining and Petrochemical Co. (Petro Rabigh). 

ACWA Power holds an indirect 99% equity stake in RAWEC through its wholly-owned subsidiaries. RAWEC developed its integrated facility in two phases - Phase I being commissioned in June 2008 and Phase II in June 2016. The integrated facility has an installed capacity of 840 megawatts (MW) power, 6,110 t/h steam and 12,000 t/h water.