Saudi ACWA Power closes a USD300m Murabaha facility

14 Nov 2011

(MENAFN) Saudi-based ACWA Power said it successfully closed a USD300 million Murabaha-based credit facility, with the addition of two new participant banks, Arab News reported.

ACWA Power’s CFO Rajit Nanda explained that the company headed to raise the facility from international banks mainly to consolidate its core banking relationships outside Saudi Arabia.

From his side, ACWA Power’s CEO Paddy Padmanathan said that the Murabaha facility will support the company’s growth plans outside the kingdom, and boost its power capacity to 30,000 MW and more than double water production during the next four years.

He added that ACWA signed a power purchase agreement in September for the largest gas-fired power plant in the world, the 3,927 MW Qurayyah IPP.

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