Riyadh, Saudi Arabia: ACWA Power has announced the increase of its revolver facility by SAR 600 million. The amount increases the 2015 revolver facility – which will continue to stand and now totals SAR 1,309 million (USD 349 million). Moreover this enhances the total Revolving facilities at ACWA Power’s disposal to SAR 3,484 million (USD 929 million)
The facility’s enhancement will be solely funded by Saudi Hollandi Bank (SHB). The facility’s availability period is until the third quarter of 2020 and is structured on a shariah compliant commodity murabaha structure.
Thamer Al Sharhan, Managing Director of ACWA Power, said: “With our rapid growth has come increased business requirements and this facility will help expand our war chest to offer incremental liquidity in anticipation of further projects. The availability of close to a billion dollars (in SAR equivalent) of revolving facilities stands to substantially enhance our liquidity base. This is testament to the confidence that banks have in ACWA Power. We are grateful to SHB for extending the most recent facility.”
The 2015 revolver facility enhanced the existing revolving facilities base by SAR 709 million. The commitments for that facility were split between three relationship banks: Arab National Bank, Bank Al Bilad, and Saudi Hollandi Bank, which is also acting as the Investment Agent. The new facility strengthens the precedent that the revolver facilities set in terms of pricing, structure and documentation, with the new facility comparing favourably with both local and regional peers.
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