ACWA Power Announces Financial Closure of $125 Million Refinancing Facilities for RAWECK

International Water and Energy Works Company “ACWA Power” announced the achievement of the initial financial closing of the main refinancing facilities denominated in US dollars, amounting to 125 million dollars.

The company stated that its proceeds will be used by its subsidiary Rabigh Arabian Water and Electricity Company (“RAWEC”) to cover multiple financial obligations, including financing costs, and the company’s general purposes, which include distributing its profits on January 2, 2022.

ACWA Power pointed out that this financing facility, amounting to $125 million, was obtained from local banks, with a maturity period of 12.5 years, to be due in 2034, and the amount is expected to be received in early January 2022.

The company indicated that these facilities are an addition and supplement to the previously announced major refinancing facilities of $800 million, which were received on December 30, 2021.

ACWA Power expected that the refinancing process would result in savings in financing costs for RAWIC.

The new refinancing facility will increase the financing costs for RAWEC. The new facility targets the optimization of the capital structure of RAWEC and monetization of the future cash flows of the company, the company concluded.