ACWA POWER Co. — Capital/Financing Update 2021

Dec 23, 2021

ACWA Power Announces the Financial Close for a US$ 800 million (eq.) Refinancing facility for Rabigh Arabian Water & Electricity Company (“RAWEC”):

2082 · 23/12/2021 08:37:46 · Announcement #66056 · View on Saudi Exchange

ACWA Power Announces the Financial Close for a US$ 800 million (eq.) Refinancing facility for Rabigh Arabian Water & Electricity Company (“RAWEC”):

Element List

Explanation

Announcement Detail

International Company for Power and Water Projects (“ACWA Power”) announces the financial close for a US$ 800 million equivalent refinancing facility, denominated in USD and SAR, the proceeds of which would be utilized by its subsidiary Rabigh Arabian Water & Electricity Company (“RAWEC”), for varied financial commitments including the prepayment of its existing senior debt facility, financing expenses and for general corporate purposes including distribution of dividends. The total outstanding amount of existing senior debt and accrued interest which is being paid using the proceeds of the new facility is US$ 763 million. The new financing facility is expected to result in savings in financing costs for RAWEC. The drawdown of the USD 800 million senior financing facility which was raised from the local bank market and has a tenor of 8.5 years maturing in 2030, is expected to be drawn down prior to the end of Dec 2021.

RAWEC is an independent water, steam & power producer that supplies these essential utilities on a captive basis to an integrated refinery and petrochemical complex owned by Rabigh Refining and Petrochemical Company (“Petro Rabigh”). ACWA Power holds an indirect 99% equity stake in RAWEC through its wholly owned subsidiaries. RAWEC developed its integrated facility in 2 phases; phase I being commissioned in June 2008 and phase II in June 2016. The integrated facility has an installed capacity of 840 MW power, 6110 t/h steam and 12000 t/h water.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.