RIYADH: Saudi-based utility developer ACWA Power has announced the financial closure ofÌýan $125 million senior refinancing facility for its subsidiary, Rabigh Arabian Water and Electricity Co., known as RAWEC.
The senior financing facility proceeds will be used for various financial commitments including financing expenses and for general corporate purposes such asÌýdistribution of dividends, ACWA Power said in a bourse statement.
With a tenor of 12.5 years maturing in 2034, the drawdown of the facility is expected to take place this month, according to the filing.
The new refinancing facility, raised from local banks, will increase the financing costs for RAWEC, it said.
ACWA Power obtained last monthÌýan $800 million senior refinancing facility forÌýRAWEC as well with aÌýtenor of 8.5 years maturing in 2030.
RAWEC is the captive utilities – power, water, and steam – provider to Rabigh Refining and Petrochemical Co., a joint ventureÌýformed in 2005 between Sumitomo Chemical, Japan, and Saudi Aramco, which owns, operates, and manages the Rabigh petrochemical complex.
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