ACWA Power announces financial close of $125 mln refinancing facility for RAWEC

Logo of ACWA Power

International Company for Power and Water Projects (ACWA Power) announced the dry financial closure for $125 million senior refinancing facility, the proceeds of which will be utilized by its subsidiary, Rabigh Arabian Water & Electricity Co. (RAWEC), for various financial commitments, the company said in a statement to Tadawul.

These commitments cover financing expenses and other general corporate purposes, such as the distribution of dividends on Jan. 2, 2022.

The $125 million senior financing facility was raised from local banks and has a tenor of 12.5 years maturing in 2034. The amount is expected to be drawn down in early Jan 2022.

This facility supplements the previously announced $800 million equivalent senior debt facility that was drawn down on Dec. 30, 2021.

The refinancing is expected to save financing costs for RAWEC, ACWA Power added.

On Dec. 21, 2021, the utility developer announced the financial close for an $800 million refinancing facility, denominated in USD and SAR, Argaam reported.

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.

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).