ACWA Power increases revolving facilities to SAR 3.5 bln

Saudi Arabia’s ACWA Power has increased its revolving facilities by SAR 600 million, taking its total revolving facilities to SAR 3.48 billion, the company said in a statement on Sunday.

The new facility—solely funded by Saudi Hollandi Bank—is available until the third quarter of 2020, the statement said, adding that it is structured on a sharia-compliant commodity murabaha structure.

“The availability of close to a billion dollars of revolving facilities stands to substantially enhance our liquidity base,” ACWA Power managing director Thamer Al Sharhan said, adding that the funds will offer incremental liquidity for future projects.

The latest facility adds on to the Riyadh-based firm’s 2015 revolving facility which continues to stand and now totals SAR 1.31 billion, the statement said. Last year’s facility was financed by Arab National Bank, Bank Al Bilad and Saudi Hollandi Bank.