Riyadh – Mubasher: Saudi Electricity Company (SEC) and Acwa Power Company announced the refinancing of debts amounting to SAR 6.8 billion ($1.83 billion) in the form of Islamic and conventional finances, according to an Acwa Power statement.
The company revealed that the conventional debt includes SAR 1.13 billion ($300 million) financed by foreign banks, in addition to SAR 2.4 billion ($640 million) financed by the National Commercial Bank (NCB), Banque Saudi Fransi (BSF), Arab National Bank (ANB), Samba Financial Group and the Saudi British Bank (SABB).
Moreover, a total of SAR 3.2 billion ($853 million) was provided by Al Inma and Al Rajhi Banks.
The two companies also announced the refinancing of the senior facilities of Rabigh 1 independent power project (IPP), which is “the first IPP project in the Kingdom to be procured without a sovereign guarantee,” the statement said.
