| 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. |
