ACWA Joins Saudi Fundraising Wave

Saudi private power developer ACWA has increased its lending from local banks by SR1.109bn ($295.7mn), in a move to improve its financial flexibility. The extra cash comes from two sources: a SR400mn increase of a 2013 revolving credit facility from National Commercial Bank and Samba Financial Group; and a new SR709mn five-year revolving corporate facility from the Arab National Bank, Bank Albilad and Saudi Holland Bank.

ACWA’s need for cash follows a spree of successful bids, which has seen the company win a stake in projects to build a 200MW solar power plant in the UAE (MEES, 24 July), $220mn worth of wind and solar capacity in Egypt (MEES, 29 May), and a $630mn power and water plant in Oman (MEES, 27 March). ACWA is also the only contender for a $2.2bn gas-fired power plant at Dairut in Egypt (MEES, 17 July). (CONTINUED - 219 WORDS)