JEDDAH: ACWA Power International (ACWA Power), the developer and operator of power generation and desalinated water production plants in the GCC region, announced the execution of its inaugural corporate credit facility structured on Murabaha basis. The facility is sized at up to $300 million. ACWA Power has initially accepted total commitments of $210 million from four international banks; Standard Chartered Bank, Citi, Bank of America Merrill Lynch, and Mizuho Corporate Bank. Standard Chartered acted as coordinator for the facility. ACWA Power envisions increasing the total commitments to the full $300 milion before the yearend for which it is already in discussions with two additional banks. The signing of this facility is achievement of yet another milestone for ACWA Power. In addition to being the maiden medium term Murabaha facility at the corporate level, the fact that it is secured by its own balance sheet without any shareholder credit supports is a testament to the confidence in ACWA Power's capability, capacity and credit standing. "ACWA Power is highly regarded among financing institutions in the Kingdom of Saudi Arabia and our natural preference should have been to raise this Facility from our Saudi relationship banks. However, we chose to raise the Facility from international banks mainly to consolidate our core banking relationships outside the Kingdom of Saudi Arabia as well.
