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Saudi Acwa Power raises $300m

Dubai, November 13, 2011

Saudi Arabia's water and power project developer Acwa Power has signed an increase to its debut corporate facility, taking the final amount to the $300 million target, a statement from the company said on Sunday.

JPMorgan Chase and Malayan Banking BHD  joined the upsized deal, the statement said, taking the murabaha facility from the $210 million size that was announced in June.
 A Murabaha is a cost-plus-profit arrangement which complies with Islamic law. 

In June, Acwa Power said the company was talking to two banks to increase the amount to $300 million, although the latest statement didn't clarify whether these were the pair which eventually signed up.

Four banks -  Standard Chartered, Citi, Bank of America Merrill Lynch and Mizuho - provided the remainder of the financing. - Reuters




Tags: Saudi Arabia | | Murabaha | ACWA Power |

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