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