Saudi’s ACWA Power says raises extra $295.7m of bank finance

Saudi Arabian power plant developer ACWA Power has raised an additional SAR 1.109bn ($295.7m) of loan finance from the kingdom’s banks, it said in a statement on Sunday.

It increased its 2013 revolving credit facility by SAR400m, with National Commercial Bank and Samba Financial Group contributing equally to the extra amount.

The facility, now worth SAR2.175bn and also backed by Banque Saudi Fransi and Saudi British Bank, has also had its maturity extended by one year to 2019.

The power and water firm has also signed a new five-year revolving corporate facility worth SAR709m with Arab National Bank, Bank Al Bilad and Saudi Hollandi Bank.

The transactions enhance ACWA Power’s financial flexibility, and the extension of the 2013 facility was also completed without incremental cost to the borrower, the statement added.