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ACWA Power Co. announces the finalization and signing of the financing and security agreements for one of its affiliated water desalination project companies, Rawabi Water Desalination Company (Rabigh 4 IWP).
| Element List | Explanation |
|---|---|
| Introduction | ACWA Power Co. announces the finalization and signing of the financing and security agreements for Rawabi Water Desalination Company (Rabigh 4 IWP or the Project), a water desalination plant using Reverse Osmosis (RO) technology with a capacity of up to 600,000 m³/day and associated infrastructure and facilities including potable water tanks with a capacity of 1,200,000 m³. These facilities located in the Kingdom of Saudi Arabia south of Rabigh city. ACWA Power holds an effective 45% equity stake in the Project. The total investment cost of the Project of approximately SAR 2,543 million (USD 678 million), is funded by a combination of long-term debt and equity. The total financing consists of SAR 2,045 million (USD 545.3 million) of senior debt on a non-recourse project finance basis. |
| Date of obtaining the funding | 2023-08-31 Corresponding to 1445-02-15 |
| Financing entity | Consortium of local and international banks - Standard Chartered Bank, The Saudi National bank, Riyad Bank, The Saudi Investment Bank, and Bank of China. |
| Financing amount. | SAR 2,045,000,000 |
| Financing duration. | Up to 27.5 years |
| Guarantees offered for the financing | Limited to ACWA Power equity commitment and pro-rata of our share in the debt service coverage account |
| Financing objective | Fund the development and construction of a 600,000 m3/day water desalination plant using reverse osmosis technology |
| Related Parties | The Saudi National Bank. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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