Saudi Arabian utility developer ACWA Power said on Tuesday it closed an agreement for $1.33 billion (4.9 billion riyals) in senior debt for a multi-utilities project at Saudi Arabia's Red Sea project.
The project is a joint venture, in which ACWA holds a 50 percent stake, with SPIC Huanghe Hydropower Development Company and Saudi Tabreed District Cooling Company.
"In addition, the JV has secured Equity Bridge Loan facilities from Bank AlBilad, Bank Al-Jazira, and Arab National Bank and a Working Capital and VAT Facility for $93.4 million from Al Rajhi Banking and Investment Corporation," ACWA said in a stock exchange filing.
The financing was from Al Rajhi Banking and Investment Corporation, Banque Saudi Fransi, Saudi British Bank, Arab Petroleum Investment Corporation, Standard Chartered Bank, and Riyad Bank.
The facilities will be used to construct, manage, and operate power, desalination, waste-water treatment, solid waste processing, district cooling plants, and communication infrastructure.
