RIYADH: Saudi utility giant ACWA Power has completed the refinancing of the Rabigh 3 Independent Water Project, located in the western region of the Kingdom.
Rabigh 3 is a seawater desalination plant with a capacity of 600,000 cubic meters of potable water per day, using reverse osmosis technology.
In a press statement, the Tadawul-listed company said the refinancing was executed through a capital-markets-led approach, anchored by the issuance of a long-term senior secured project bond.
The refinancing was anchored by investment firm KKR as the largest lender, with participation from other investors including Barings, Hong Kong Mortgage Corp., and Clifford Capital, as well as Sumitomo Mitsui Trust Bank, and SBI Shinsei Bank. There was also regional support from Riyadh Bank and Abu Dhabi Commercial Bank.
“The transaction highlights ACWA Power’s continued innovation in infrastructure financing, combining capital-markets instruments with strong project-level credit and global institutional participation,” said Marco Arcelli, the company’s CEO.
