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International Company for Power and Water Projects (“ACWA Power”) announced the financial close for a US$ 800 million equivalent refinancing facility, denominated in USD and SAR, the proceeds of which would be utilized by its subsidiary Rabigh Arabian Water & Electricity Company (“RAWEC”), for varied financial commitments.
The financial commitments include the prepayment of its existing senior debt facility, financing expenses and for general corporate purposes including 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 is US$ 763 million.
The new financing facility is expected to result in savings in financing costs for RAWEC. The drawdown of the USD 800 million senior financing facility which was raised from the local bank market and has a tenor of 8.5 years maturing in 2030, is expected to be drawn down prior to the end of Dec 2021.
RAWEC is an independent water, steam & power producer that supplies these essential utilities on a captive basis to an integrated refinery and petrochemical complex owned by Rabigh Refining and Petrochemical Company (“Petro Rabigh”).
ACWA Power holds an indirect 99% equity stake in RAWEC through its wholly owned subsidiaries. RAWEC developed its integrated facility in 2 phases; phase I being commissioned in June 2008 and phase II in June 2016. The integrated facility has an installed capacity of 840 MW power, 6110 t/h steam and 12000 t/h water.